A UNIQUE BEACH-AND-BAY COMMUNITY FROM NEXT SPACE DEVELOPMENT
NIMITZ CROSSING offers spacious 1-bedroom lofts and 2-bedroom / 2-bath luxury residences for lease.
2-bedroom / 2-bath 950 – 1,245 Sq. Ft.
Spacious 1-bedroom / 1-bath Lofts
624 – 933 Sq. Ft. + Up to 590 Sq. Ft. patios
Completed in November 2020, NIMITZ CROSSING originally consisted of twenty-four 2-bedroom / 2-bath units with over 9,000 square feet of ground floor retail space. Our commercial real estate broker, Flocke & Avoyer, had multiple best-of-class retail businesses lined up and ready to sign long-term leases. Then the COVID-19 pandemic disrupted everyone’s business plans. Understandably, lease agreements were broken.
The Next Space Development team of architects and construction experts responded to the adversity by converting the retail space into twelve 1-bedroom / 1-bath urban lofts. Two years after submitting the plans to the City, we received approval and construction began. The lofts were completed late June 2022 and we started our lease-up efforts. By September, we were 90% leased. The last loft, a fully-furnished unit, was leased in November.
The conversion from retail to residential allowed a sale to an exchange buyer at 3.2% cap rate which helped set one of the highest price per unit multifamily apartment complex sales in San Diego history.
FEATURED PROJECTS:
Contact Us to learn more about Next Space Development