SOLANA BEACH — A mostly vacant lot on the corner of South Coast Highway 101 and Dahlia Drive slated for a mixed-use development is for sale for $9.5 million.
That’s about $3 million more than what American Assets Trust paid for the 1.9-acre site four years ago.
While the company has made few improvements to the property, which is currently home to some abandoned buildings, it paid for development plans and story pole installation.
Matt Weaver, the listing agent with Lee & Associates, said he has received nine offers since the property went on the market about 45 days ago.
“There’s plenty of interest, for sure,” he said.
In what was considered one of the largest coastal commercial land transactions at the time, American Assets bought the property in 2011 in an off-market deal for $6.85 million from the private Maganda Corporation, which bought the site in 2003 for $3.4 million.
The proposed development by American Assets calls for 31 rental units, about 34,500 square feet of commercial and retail space, approximately 14,100 square feet of office space and 341 onsite parking stalls in a two-level below-grade garage.
Story poles outlining the height, mass and scale of the project have been in place since May 2014, even though they were expected to be up for only 30 to 60 days.
During a public comment period that ended this past January, the city received view assessment applications from two residents who said the development would block their east-facing views.
In March the city’s View Assessment Commission voted not to recommend the project for approval by the City Council.
Members said they did not believe it was designed and situated to minimize view impairments, and the applicant did not make a reasonable attempt to resolve view impairment issues.
According to the listing information, American Assets is still processing plans for the project.
Asked why the lot is for sale, Adam Wyll, senior vice president and general counsel for American Assets, stated in an email that the company is “currently exploring all options with respect to the Solana 101 property.”
“Though the property is currently listed for sale … we have made no formal commitment or decision to dispose of the property at this time and we continue to diligently advance our entitlement efforts with the City of Solana Beach,” he added.
American Assets also owns and manages Lomas Santa Fe Plaza and Solana Beach Towne Center.
Contact Weaver, also a Solana Beach business owner, at [email protected], (760) 448-2458 or (619) 203-4967 for more information on the Highway 101 property.