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St. Paul’s Cathedral is pursuing the development of some of the property owned by the Cathedral. The goals to be attained with this project include:
Nutmeg and Olive, LLC has undertaken, on behalf of St. Paul’s Cathedral, the development of two properties adjacent to the Cathedral. North of the Cathedral is the “Olive” property (on Olive Street between 5th Avenue and 6th Avenue including the land under the existing administration building). South of the Cathedral is the vacant “Nutmeg” lot on 5th Avenue at Nutmeg Street. Together these two properties comprise the ten parcels that would be sold by Nutmeg and Olive to allow the development. The development will consist of two (2) residential buildings with underground parking for the occupants of approximately 100 condominiums and town homes as well as the retail and office space contained in the buildings. The property under the Cathedral and the Great Hall are not part of this project. Nutmeg and Olive, LLC signed a purchase and sale agreement with Bankers Hill Park West, LLC who will buy the property and develop the land. CLB Partners is performing the lead role in the project at this time as a member of the Bankers Hill Park West, LLC. Nutmeg and Olive, LLC has financed its participation in this project over the last four years with a line of credit, which is secured by five of the parcels mentioned above. Currently, CLB is funding all development activities including the interest expense on the line of credit. Nutmeg and Olive has only the monthly expense of Springline Associates, which is the project management firm that has represented St. Paul’s and Nutmeg and Olive for the past five years. An application for the site development permit was submitted to the City of San Diego in December, 2006 and has been deemed complete by City staff. The architects, Tucker Sadler Architects, Inc. have updated that application with improvements consistent with the suggestions received from the discussions with community groups. The latest resubmission has received City comments in January, 2008. The entitlement process is expected to be complete during 2008. The majority of the purchase price for the land is payable at closing prior to the start of construction. A final payment is due after the construction loan has been repaid. There is a purchase price adjustment mechanism based on the actual sellable square footage built. Closing on the property is expected to be concurrent with the completion of the entitlement process. Construction would begin approximately eight months later. Project completion is estimated in 2011. In addition to the payments mentioned above, Nutmeg and Olive will receive 15,000 net useable square feet of office and program space (split 10,000 s.f. in the Olive building and 5,000 s.f. in the Nutmeg building) and eighty-five (85) office and Cathedral visitor underground parking spaces. Finally, it is expected that the option to purchase the historical Le Moderne apartment complex at 6th Avenue and Olive held by Nutmeg and Olive will be exercised by CLB. The buildings there will be converted to affordable housing and will exceed the City requirements. This will be done on a schedule consistent with the new buildings. The completion of this project will provide assets that will enable addressing the specific goals set forth above. For more information visit: http://stpaulsfuture.org/
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