The Silver Street townhome project received some good news this month. La Jolla Light reported that the San Diego Planning Commission voted to deviate from the La Jolla Planned District Ordinance that requires retail space to occupy a percentage of the ground floor.
The area where Silver Street Village Homes would be constructed is in a zone designated for community serving offices and retail establishments with no residential uses within the front 50 percent of the lot. The La Jolla Planned District Ordinance intended for this space to provide a transition zone to the multi-family residential areas in the west.
The requirement to have 50 percent retail storefront space in the zone has been raising issues for businesses in the area as retail traffic drifts toward Girard Avenue. La Jolla Light reported that few retail businesses have shown interest in acquiring the storefronts and those that do find that the large spaces are more conducive to offices than retail businesses.
Some businesses have been granted deviations from the La Jolla Planned District Ordinance. According to the article, this will allow them to utilize 50 percent of the designated storefront space for office purposes, provided that 15 percent remain available to the general public.
La Jolla Light reported that the Silver Street Village Homes would be designed with an Old World European style. The townhomes, 18 in total, would offer up to four bedrooms and range from 1,800 to 2,600 square feet. The charming residences on the drawing board include personal rooftop decks and two-car garages.
The area where Silver Street Village Homes is projected to be built is currently occupied by a postal office and a veterinary hospital, the latter of which has already been vacated.
Fident Capital stated that it secured $24 million in project financing for the Silver Street Village Homes project. The 10,000 square foot commercial property occupied by the postal service was purchased for $6.8 million by a buying group in July of 2014. The structure currently sitting on the land would be demolished to make room for the future townhomes. Given that La Jolla Village is 99 percent built-out, Fident Capital stated that any sizable future projects would likely require similar demolition or renovation efforts.
72 percent of those who answered a small online poll conducted by La Jolla Light welcomed the new townhomes to Silver Street.