The San Diego City Council today unanimously approved a transfer of development rights from JMI Realty to Greystar, a real estate management company based in Charleston, South Carolina.
The project is tentatively being called “Ball Park Village,” and will up along Imperial and 12th avenues, east of Petco Park.
The building will feature 720 apartment units with some set aside for affordable housing.
Roughly 60,000 square feet will be available for retail and office space according to the developer.
"Absolutely, it’s going to draw people. Its an exciting place to be,” said Jim Ivory with Greystar.
The deal includes an Owner Participation Agreement, which has terms specifying the types of uses and affordable housing requirements.
The OPA also includes a $4 million contribution to a pedestrian bridge over Harbor Drive, and creating 267 public parking spaces for special events.
Developers plan to break ground this Friday.