Last week, I attended a dinner with Bosa Development and some of downtown San Diego’s top realtors to learn about the new Pacific Gate condo highrise. While we were told that it was “too early” to answer many of our questions, here are the key take aways from that night:
1. Pacific Gate condos will be an iconic building for San Diego.
The architects are Kohn Pedersen Fox, who has designed some of the world’s most interesting buildings. Bosa Development has also teamed up with Hirsch Bedner Associates to handle Pacific Gate’s interior, further insuring an amazing product. Pacific Gate will (hopefully) put San Diego on the map, architecturally, and finally bring the attention our amazing city deserves.
2. Rethink Downtown
Bosa is taking a new approach to selling their new luxury highrise. The sales team that was hired, S&P Real Estate, is going to be launching an “exhibition” to educate people about downtown San Diego’s history and exciting future. The exhibition will open late September, or early October and will run for 6-8 weeks. After that, it will shut down in preparation for their sales gallery.
Sales are projected to begin later this year, sometime around December. It is unlikely that previous Bosa buyers will get any sort of priority. I believe that once an interest list has been formed, serious buyers will be required to put down some sort of refundable deposit in order to be able to continue to the selection phase (actually picking your condo). Once this is done, potential buyers will randomly be assigned a number in which they will select their future home. From there, the next step would be to review all disclosures and reports and secure financing. Assuming the client still wants to proceed, they will attend the selection event and actually pick their condo and provide a non-refundable deposit and enter a long escrow that will end when the condo has been completely built.
Again, this has not been confirmed by Bosa, but I believe the process will be very similar to this. I will be able to assist you with this and help you chose the best condo for your needs – identifying pros/cons of the different floor plans, how your views might change and give you other insight as your downtown expert.
4. Incredible Amenities
One of the main differences between Pacific Gate and any other existing San Diego highrise will be the caliber of amenities it will offer. According to Nat Bosa himself, the building will heavily focus on service-oriented amenities. While nothing has been completely confirmed, it has been suggested that Pacific Gate may have free cars on site for residents to use when they visit. Similarly, I’ve been told that the building may have an “on site” boat that’s available for residents to use.
5. Retail Space
While no tenants have been confirmed, Bosa has promised that they will not fill the spaces simply to generate revenue. Instead, they will focus on finding great tenants that will contribute to the residents and downtown community. Current talks are underway with a famous art gallery in San Fransisco.
There will be a few 1 bedrooms, but only a handful at best. Parking for the retail space is unknown, but I would imagine that it would be onsite, below grade. There are still going to be 216 units and the building will be 41 stories, set to be completed late 2017. If you have other questions, please contact me directly at 858-243-2092 or [email protected]
Please keep in mind that things may change, but I will keep you up to date and as informed as possible. Click here to sign up for Pacific Gate’s interest list and get email updates as they happen.