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PROPERTY: Food, Nightlife Scene Help Fill the Rentals
Developers are turning their attention to North Park in hopes of drawing renters who want an urban lifestyle with a funky touch but eschew the more hectic downtown lifestyle.
The neighborhood, which takes its name from its location just north of Balboa Park, is going through a gentrification that started several years ago but has accelerated with high-end apartments replacing older, more modest accommodations.
"There's a big renaissance going on in North Park," said Allen Chitayat, a first vice president of CBRE.
"It's a very well located market. You can actually bike downtown. You don't need to get on a freeway," Chitayat said.
For those who drive to work, big employment centers such as Mission Valley are a commute of 30 minutes or less.
"Then you have all the nightlife and the eateries that have come in and you're within walking distance," Chitayat said. "Just call it the perfect storm that seems to fit North Park in terms of this gentrification."
Opportunity Zone
A revised community plan also encourages denser development along El Cajon Boulevard, and a large swath of North Park has been designated as an opportunity zone with federal tax breaks available to developers who build there.
"We've seen a lot of interest in upgrading properties and building new," said Ray Adams, a managing director of Cushman & Wakefield's San Diego offices.
"The neighborhood's been hot for over eight years and it continues to get better. The millennials...