Applicants for the St. Paul’s Cathedral redevelopment (between Fifth/Sixth and Nutmeg/Olive) presented revised plans to the community last night. The number of units has been reduced from 112 to 106, and the northern tower has been reduced to 180 feet. This rendering (looking west at Sixth Avenue from Balboa Park) shows the two residential towers flanking the Cathedral. Fifth & Nutmeg, on the left, would be 13 stories and the northern condos at Fifth & Olive would be 17 stories now towering only 180 feet. They are seeking a deviation from the city to allow a 30-foot extension above the 150-foot community plan height limit. Over 100 people filled Wednesday’s standing-room-only meeting with approximately three dozen consisting of St. Paul’s staff, developers and parishioners.
Read more on their website. Nutmeg and Olive, LLC signed a purchase and sale agreement with Bankers Hill Park West, LLC who will buy the property and develop the land. CLB Partners is performing the lead role in the project at this time as a member of the Bankers Hill Park West, LLC. Nutmeg and Olive, LLC has financed its participation in this project over the last four years with a line of credit, which is secured by the five parcels. Currently, CLB is funding all development activities including the interest expense on the line of credit. Nutmeg and Olive has only the monthly expense of Springline Associates, the project management firm that has represented it for the past five years.
The next step for the St. Paul’s/CLB partnership project will be to make a presentation to Uptown Planners on Tuesday, June 3rd at the Joyce Beers Community Center in the Uptown Shopping District. The meeting will begin at 6pm. The community is welcome and encouraged to attend.
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