3971–73 Georgia Street
The opportunity
Location, location, location — and 3971–73 Georgia Street has it. The site sits in one of Hillcrest's most desirable pockets, a five-minute walk from the farmers market, with Balboa Park, downtown, and Coronado on the horizon.
What makes this deal come to life is the land itself. Unlike a typical flat lot, the parcel rises into a steep hillside — and rather than working around it, we're working with it. Through shoring and grading, we cut into the slope to create multiple building planes: subterranean parking below, and five full stories rising from the street above.
The 18-unit building is designed as a true luxury product for this market: two penthouse units, each with its own private roof deck; a communal roof deck for all residents; a private event space; a proper lobby; and elevator service throughout. It's a level of finish this pocket of Hillcrest rarely sees — and one we believe the neighborhood will absorb exceptionally well.
As with every project in our portfolio, the existing property is stabilized with a tenant in place — producing income through pre-development and keeping the project as capital-efficient as possible at every stage.
Latest updates
The team is gathering commercial lease comps (office and retail in the area are running roughly $250 per square foot per year) and short-term rental data to finalize the use mix, including the penthouse. An underwriting update is being prepared for the design team, and Georgia has been added to the top-priority project list.
Milestones
The property as acquired — a Hillcrest bungalow with both units renovated, stabilized and tenant-occupied, producing income through pre-development.
Schematic design set from ohms Architects — building section, unit mix, and floor plans from the parking level up through the two-story penthouse and roof terrace.