north park failed condo conversion
From voiceofsandiego.com:
4525 Florida Street sold in March 2004 for $2.1 million to an investor who planned on converting the property to condos. The investor spent tens of thousands of dollars getting the building permitted for condos but then decided to bail on the project as the condo market slumped. He then sold the property as an apartment building in May 2006 for $1.7 million -- netting a loss of at least $365,000.
sounds like the condo conversion market is cooling way down. here's a google map of the project above.
i know folks need affordable rental housing, but north park was among the most affected communities by the building of amazingly ugly "six-pack" apartment buildings during the 70's and 80's. these conversions have at least improved the look of the neighborhood, and attracted folks who are probably more attached to their community since they own a home there. hopefully the north park turnaround can continue regardless of the health of the condo conversion market.






