2959-2967Pacific Avenue
We acquired the Pacific Avenue Project in late 1994 from the Bank of America after it foreclosed on what was then a 17,000 sq. ft. half-completed hotel on the site. The previous development scheme was halted by litigation.
We manually disassembled the 17,000 sq. ft. building shell, recycled the framing lumber, and built two new four unit condominium projects after subdividing the large lot into two separate parcels. The project received enthusiastic support from the neighbors. We closed sale of all of the units within days of the recordation of the final map.
A resale of one of the units in 1999 reflected more than 100% appreciation since 1996.