T
urquoise Street has been sold for $3 million to the Wai Family Trust, with the Lentz Family Trust as the seller. Due to high interest rates, the buyer secured financing directly from the seller. The property spans 5,302 square feet and sits on a 12,000-square-foot lot within the La Jolla School District. This off-market transaction closed in 40 days. A nearby apartment building is replacing Pernicano's Italian Restaurant, while another development proposes a 22-story high-rise with 213 units just one block away.

    The former sushi restaurant at 2662 Garnet Ave. has sold for $3.7 million to Rose Creek Village LP. The buyer secured government loans, including a $4 million loan from the City of San Diego, to fund a five-story, 60-unit low-income housing project called Rose Creek Village. This will be the first 100% affordable housing complex in a San Diego beach community. Tony Franco's Franco Realty Group represented the seller and facilitated their 20th sale along Garnet Avenue.

    Community leaders have debated the need for projects exceeding the 30-foot height limit to address the housing crisis, but this development is not a homeless shelter. It will cater to low-income professionals such as teachers and firefighters. However, some neighbors oppose the project due to its size and type. The lengthy approval process has delayed the escrow, which took 1,118 days to complete.