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SAN DIEGO-With residential development still going strong in San Diego, Lennar Homes of California and Intergulf Development are planning a condo project in the Banker’s Hill area of San Diego.

The pair has shelled out $2.5 million for a parcel here, which currently houses two one-story office facilities that stand at 3054 Fifth Ave. and 3061 Fourth Ave. Lennar and Intergulf plan to develop a 95-unit, 14-story luxury condo project on the site, which encompasses a total of 20,000 sf. The new building, which has been designed by architectural firm John Perkins & Co., is slated to rise at the southwest corner of Fifth Avenue and Redwood Street. Construction on the project is expected to begin sometime this autumn.

In the recent sale, Lennar and Intergulf were represented by Victor Krebs of Colliers International. Krebs also acted on behalf of the seller, Hampstead Fifth and Redwood LLC.

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