Little Italy Property Sells for $5.3M

The property at State Street and West Elm Street sold for $5.3 million

The Corky McMillin Cos. of San Diego recently purchased a property in Little Italy for $5.3 million, with plans to develop a new upscale 100-unit apartment project.

The seller of the property, on the corner of State Street and West Elm Street, was Centurion Partners of Newport Beach, according to Corky McMillin Cos.

The company plans a summer 2015 groundbreaking, with move-ins expected in summer 2016. The project is being led by company Chairman Scott McMillin and his son, Andy McMillin, and officials said the units will have amenities similar to those found in custom-built homes.

The yet-to-be named project will include studio, one-bedroom and two-bedroom units, with elements including floor-to-ceiling glass windows, state-of-the art appliances and fixtures, and modern design, officials said.

McMillin officials also said the company is retaining its interests in the mixed-use Millenia project in Chula Vista, after calling off a previously announced sale of the project.

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