San Diego has formally severed ties with a La Jolla-based developer it selected in August to convert an empty 21-story office building into affordable housing.
In a letter delivered via email last week, the city notified Reven Capital that it was ending talks on terms for an exclusive negotiating agreement (ENA) for the project, which aimed to turn the tower at 101 Ash street into a 393-unit residential building with 100% of the units reserved for households making 80% or less.
In the letter, the city said couldn't accept terms that would have obligated the city to reimburse the developer for its upfront expenses if the project did not come to fruition, according to a report in the San Diego Union-Tribune.
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