Public Auction Clears Way for Redevelopment in North Park
Proceeds to Benefit Implementation of La Boheme Mixed-Use Redevelopment Project

SAN DIEGO – A public auction of drug store merchandise, fixtures and equipment valued at $1 million marks the first step in the future location of a new mixed-use redevelopment project in North Park.  The auction of merchandise and eventual demolition of the 20,000-square-foot Rite Aid store will pave the way for the $62 million La Boheme development, which will further revitalization and investment in this historic San Diego neighborhood and add to San Diego’s market-rate and affordable housing supply.

The auction will take place at 10:00 a.m. on January 12^th at the North Park Rite Aid located at 3959 30^th Street.  Items available include books, food, clothing, electronic equipment, health and beauty items and kitchen supplies as well as refrigeration cases, lighting, mirrors and computer and security systems.  Inspection of items will take place on January 11^th from 10:00 a.m. to 3:00 p.m. and the morning of the auction at 9 a.m.  Items will be sold in lots and a refundable deposit of $300 is required.  Items must be purchased with either cash or cashier check..

The $62 million La Boheme development, being built by Western Pacific Housing, will include 224 for-sale condominiums (45 of which will be affordable), approximately 15,800 square feet of ground level commercial space and a minimum of 371 parking spaces.  The development, designed in a Spanish-Mediterranean style, will include seven different floor plans ranging in size from 900 to 1,100 square feet.  La Boheme will be built on a 2.06 acre site bounded by 30^th Street to the west, Lincoln Avenue to the north and Ohio Street to the east.  The development will hold a groundbreaking ceremony on January 21^st and is anticipated to be built by the end of 2006.

The City’s Redevelopment Agency, through the Community and Economic Development Department, will commit a total of $3 million to the development.  Most of the funding, $2.1 million, is earmarked as a subsidy for the affordable housing units.  The remaining $900,000 will fund public improvements.  The development is anticipated to generate $600,000 in new gross tax increment each year, which will pay for the Redevelopment Agency’s subsidy over a number of years and eventually will be available to fund other revitalization efforts in the community.

This latest project adds to the growing list of redevelopment and revitalization efforts transforming North Park.   The Redevelopment Agency recently celebrated the groundbreaking of the Renaissance at North Park mixed-use development at the corner of El Cajon Boulevard and 30^th Street, and is currently working with a developer to renovate the historic North Park Theatre.

For more information about the Rite Aid auction, contact Rich Wasser at (310) 541-4442 or visit www.richwasser.com.

For more information on the availability of for-sale housing, affordable housing and leasing information for commercial space for this new development, contact Western Pacific Housing at (800) 330-0974.

For more information about available affordable housing units citywide, contact the San Diego Housing Commission at (619) 231-9400 or visit www.sdhc.net.  Comprehensive information on affordable housing programs and initiatives is also available on the City’s web site at www.sandiego.gov by typing “affordable housing” in the search field.

For more information about the North Park Redevelopment Project Area, contact Tom Romstad, Redevelopment Project Manager at (619) 533-5284 or tromstad@sandiego.gov, or contact the Redevelopment Agency, Community and Economic Development Department at (619) 533-4233 or visit the City’s web site at www.sandiego.gov/cpci.

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The City of San Diego Redevelopment Agencyeliminates blight from designated areas, as well as achieves the goals of development, reconstruction and rehabilitation of residential, commercial, industrial, and retail districts.  Redevelopment is one of the most effective ways to breathe new life into deteriorated areas plagued by social, physical, environmental or economic conditions that act as a barrier to new investment by private enterprise.  The City of San Diego Redevelopment Agencyconsists of three divisions: the City Redevelopment Division (which provides overall agency management and is housed in the City of San Diego Communityand Economic Development Department), the Centre City Development Corporation and the Southeastern Economic Development Corporation. Visit www.sandiego.gov/redevelopment-agency or call (619) 533-4233.