Broadway LoftsMultifamily Development & Urban Infill
1007 5th Ave., San Diego, CA 92101
Broadway Lofts is a 12-story, historic bank building originally constructed in 1909 and located adjacent to Horton Plaza in the Gas Lamp District of San Diego, California. Broadway Lofts was structured as a joint venture between Watt Genton and an institutional investor. The project was acquired as a public-private partnership established through a protracted and competitive public process. The $25 million project was acquired, entitled, constructed, and operated by Watt Genton.
The Broadway Lofts investment thesis was to capitalize on the healthy demand for affordable rental or for-sale product in the supply-constrained Gas Lamp District submarket. Acquiring and repositioning the abandoned building for residential use as well as obtaining a condominium map added property value. Broadway Lofts was well-positioned to address the market’s lack of new product at the time and its lack of affordable housing. The project was developed in 2006.