San Diego, CA – February 21, 2025 - The Former Consulate Hotel, located at 2901 Nimitz Blvd. in San Diego’s Point Loma neighborhood, has been sold for $17,400,000. The 110-room hotel, which includes a bar (ABC 47), restaurant, and amenity space, will be redeveloped into a mix of student and market-rate housing by the buyer, Ambient Communities.

 

The 63,234-square-foot building, situated on 0.90 acres, was originally built in 1971. The transaction closed with entitlements in place, paving the way for an efficient transition to redevelopment. The sale process spanned two years, reflecting the complexity and due diligence required to secure approvals and finalize the deal.

 

The Seller, Noble Legacy LLC, was represented by Lee & Associates, Inc., with Al Apuzzo, Matt Weaver, Alex Bentley, and Brianna Lehman leading the transaction. The Buyer, Ambient Communities, was represented by Rick Wu and Austin Dias of Duhs Commercial.

 

“This property represents a prime opportunity for much-needed student and market-rate housing in San Diego,” said Al Apuzzo of Lee & Associates. “The entitlement process was a crucial step in positioning this asset for redevelopment, and we are excited to see Ambient Communities bring new life to the site.”

 

The redevelopment aligns with the growing demand for diverse housing options in San Diego, particularly in highly sought-after locations like Point Loma. The project is expected to enhance the local housing supply while revitalizing a longstanding property in the area.

 

For further details on this transaction, contact Al Apuzzo at Lee & Associates- NSDC.