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SAN DIEGO, CA-BOSA Development Co. has shelled out $8 million for a residential land parcel in Downtown San Diego with plans to eventually build a 450 to 500-unit condominium project on the property.

Located on the block between 8th and 9th avenues and B and C streets, the parcel is currently being operated as a parking lot. Seller Urban Growth Properties had originally planned “to develop the property and have additional parking with it,” according to Gale Bucciarelli of Burnham Real Estate Services ONCOR International, who represented both the buyer and the seller in the transaction. However, the city proceeded to pass an emergency ordinance that stunted development plans and Urban decided to sell, Bucciarelli explains. Current owner BOSA will continue to use the Downtown parcel as a parking lot until it feels the “market is right” for building the new condominium project, Bucciarelli adds.

BOSA beat out quite a few potential buyers when it acquired the parcel, as Bucciarelli says it was a “very competitive situation.” “There are very few city blocks remaining in San Diego for high-rise residential projects,” he explains, adding that due to the scarcity of land and escalating prices, “San Diego is a very hot market.”

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