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The latest downtown condo development to sell up is Intergulf’s Citipoint development slated for Broadway and 17th streets.
Intergulf’s CEO Joe Werner said the land where the 364-condo and commercial building would have been housed has ben being sold to nearby San Diego City College to facilitate an expansion of the college facilities.
Werner said Intergulf was threatened with eminent domain on the property.
“Rather than sitting it out for two years in court, we thought we would sell it, make a little money on it and move on,” Werner said.
He added that the decision was in no way related to the cooling downtown condo market. He said that market is slowing, but that he still regards the “loss” of the site as a “missed opportunity.”
Citipoint is at least the second downtown condo development to be cancelled this month. A week ago, The Elle, a Little Italy condo project was put up for sale by a consortium of developers from Los Angeles.
Experts have said that up to 40 percent of the condos slated for downtown San Diego may never get off the drawing board as the market cools. Downtown inventory has risen week-on-week since the first of the year and there has been no resulting increase in sales.