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SAN DIEGO-The company that renovated and reopened the landmark El Cortez Hotel as an apartment building is planning to build a 24-story apartment tower on the same block.

The J. Peter Block Companies plans to build a $47-million tower that would include 160 luxury apartments adjacent to the 74-year-old El Cortez building on Seventh Avenue at Ash Street. J. Peter Block Cos. finished the $23-million renovation of the historic Spanish Renaissance building in June.

KeyBank of San Francisco, which financed the renovation of the El Cortez, will provide construction funding on the new building, which is tentatively dubbed Cortez II.

The developer is hoping to capitalize on a hunger for apartment living near the Downtown core of San Diego. All of El Cortez’s apartments are leased at an average of $1,800 per month. A number of other multifamily projects on the drawing board for the Cortez Hill area.

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