Santee Partners would spend $15.9 million to buy the land nearEdgemoor Hospital. The firm, which outbid a handful of competitorsat a county auction this week, would pay $100,000 for a one-yearoption on the land. Pending city council approval of the firm'sdevelopment plans, Santee Partners would buy the land from SanDiego County.
The property has been appraised at $5.8 million. Countyofficials plan to rebuild Edgemoor Hospital on adjacent land andwill use proceeds from the sale, other with other redevelopmentfunds, to help offset the cost.
Santee rezoned the 21 acres to allow seven to 14 dwellings peracre, up from two to seven, plus an undetermined amount ofcommercial development. Santee Partners is also involved in plansto develop a parcel in downtown El Cajon.
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