The Epic On Centre St.

5 Luxury Energy Efficient Condominiums

Equity Legal LLP, is proud to announce our new development project in Hillcrest San Diego. We will be featuring state of the art, energy efficient condominiums with the latest in modern upgrades and contemporary luxury living.

Centre Street Hillcrest Real Estate Development

We Are Attorneys, Real Estate Brokers, Investors, & Builders.

Executive Summary

The Epic on Centre Street condominium development project is perfectly located near the intersection of Robinson and Centre Street just 1 block south of University Avenue and 1 block west of Park Avenue in the heart of Hillcrest neighborhood of Central San Diego. This is truly a unique and rare opportunity due to the scarcity of land development in the central San Diego core area. We strategically selected this street and neighborhood as our primary target to construct a one-of-a-kind project that will drive the highest market profits.

Hillcrest Area Is Booming

The area is thriving and the location of the project takes advantage of the proximity of the high retail and commercial district along the main thoroughfare on University Avenue, the UCSD Medical Center, outdoor activities in Balboa Park, and the North Park and Hillcrest booming bar and restaurant scene. A 5-minute trip down scenic Park Boulevard takes you into the heart of downtown, and access to Interstate 5, Interstate B, and 805 and 163 freeways is all within minutes. The business climate is healthy and growing in San Diego and every year approximately 20,000 new families call San Diego home. It has a thriving business economy and a young intelligent workforce. The Hillcrest and North Park neighborhoods are established and growing due to the convenient location to downtown, the beaches, and the parks.

Land Acquisition

We identified this land purchase opportunity in May of 2016 and in July 2016 we successfully negotiated and executed an option to purchase contract with the property owner and is duly recorded allowing us to encumber the property during our due-diligence, feasibility, and permitting phases. We delayed investment marketing efforts until we completed preliminary due diligence to mitigate as much risk as possible for our investor team. We have confirmed the non-historical status of the existing structures, and we have completed a preliminary geotechnical review to verify that there are no existing earthquake fault issues.

Introductory Terms

The $3.65M project includes approximately $720,000 in land acquisition costs, $460,000 in soft costs, and $2.28M in construction costs. We expect to raise $1.1M in equity, of which 10% will be raised by Developer/Sponsor, and we will acquire conventional loans for financing construction. The managing partners in the development entity, HFM Development LLC, are Luiey G. Haddad, Esq. and Sasan Mirkarimi, Esq. of Equity Real Estate and Development and Ryan Farhood of ZFE Design and Build. The terms, conclusions and recommendations herein will give you a brief understanding of the project, and the potential investment value with this rare opportunity to develop a condominium community in central San Diego, California.

Centre Street Hillcrest Real Estate Development

Equity Legal LLP
750 B Street Suite 3300 San Diego, CA 92101
Ph: 619-724-4143 BRE Broker # 01513137

Luiey Haddad Top Trial Attorney

Summary Of Terms

The following summarizes the terms of the Epic on Centre Street condominium development opportunity and the material contained in the Market and Financial Feasibility Report.


Schedule Of Events

The following summarizes the terms of the Epic on Centre Street condominium development opportunity and the material contained in the Market and Financial Feasibility Report.

*Q1- Q2, 2019 – Sale and Pre-sale of Asset and pay investors their initial investment capital plus accrued preferred returns, then ownership is split between the investment entity and the managing partnership in the manner set forth under the investor returns section below.

*It is our intention to sell the condominium units as quickly as possible to realize the profit on the sales and provide our investors with early return of investment and profits thereon. The pro-forma return evaluation was based on a one-year buildout after permitting is completed which we estimate at May 2018. Therefore, the build is estimated to be complete by May 2019. We anticipate an unlevered IRR of 16% to our investors. We cannot guarantee the return this is only an estimate based on current market conditions.

Site Summary

Development Aerial Map

Development Highlights


  • Fantastic in the trendy neighborhood of Hillcrest  


  • Hillcrest is completely built out, only 97 units built since 2011
  • Scarce competing development of only 250 developments in the pipeline


  • Mission Valley is 7 minutes away with 53,500 jobs
  • Downtown is 15 minutes away with 92,700 jobs


  • UCSD medical center is ½ a mile to the west
  • Scripps Mercy hospital is ½ a mile to the west


  • Less than a mile from University & Fifth, the heart of Hillcrest’s shopping, dining and entertainment district


  • In November 2016 the San Diego City Council adopted an updated Uptown Community Plan. The new community plan zoned the site a mixture of RM-1-1 and OR-1-1 with the goal of promoting residential development while maintaining existing open spaces.


  • The site currently houses a 864 sf square foot single family residence and detached garage structure. These structures are to be demolished as part of the development.

Market Area & Overview

Hillcrest Residential Market / Demographics

Hillcrest is a popular lifestyle neighborhood that underwent rapid re-gentrification during the economic recovery. The popularity of the Hillcrest residential market is constrained by virtue being completely built out and the scarcity of additional developable land due to the area’s hilly topography. Only 97 new units have been delivered in Hillcrest since 2011. Two projects totaling 110 units are currently under construction and scheduled to deliver later in 2017. The median home price for a single-family home in Hillcrest is up 3.4% over the past year, and the median price of a condominium is up 5.3% over the past year. Due to the limited availability of new units, the demand for the type of the current development is extremely high.

Neighborhood Analysis

Hillcrest is one of the more intensely developed neighborhoods in Uptown. The neighborhood includes a variety of multifamily residential and mixed-use buildings. Hillcrest also has a large number of retail uses in the community, particularly in the core retail district where building setbacks are not required. The area also includes high-rise buildings, all of which were developed to take advantage of views of either Balboa Park or the San Diego Bay. Taller buildings are scattered but tend to be located in the core along Fifth Avenue, near Park Boulevard and University Avenue, or at the north end of Balboa Park.

Buildings in Hillcrest include a range of architectural styles. Single-family residential clusters along First and Second Avenues, and east of State Route 163 and south of Robinson, include styles associated with early development, such as Craftsman, Bungalow, Prairie, and Mission and Spanish Revival. Recent developments have introduced new architectural forms and styles, many of which try to complement the form, scale and stylistic precedents found within Hillcrest.

Hillcrest is generally characterized by a street grid pattern that includes little variation in response to topography. The predominant block pattern consists of long rectangular blocks (300 feet by 600 feet) with a mid-block alley running the length of the block. While retaining the same general dimensions, the blocks are oriented north-south along the avenues. They are rotated east-west along University Avenue and Robinson Avenue, and then northeast/southwest along Normal Street.

Despite this grid pattern, Robinson Avenue, University Avenue and Washington Street are the only streets that provide contiguous east- west connections through Hillcrest, due to the divide created by State Route 163 and canyons. Hillcrest is the crossroads of Uptown, with major streets intersecting in Hillcrest’s core. Normal Street represents a unique feature in the street system with its diagonal orientation and wide right-of-way.

Hillcrest is one of San Diego’s most popular dining and entertainment destinations, with an ever-expanding host of popular dining, drinking establishments and boutique shops. This eminently walkable neighborhood is home to local boutiques, bookstores, bars, coffee shops and major national retailers. Every Sunday the Hillcrest Farmers Market brings together vendors of fresh produce, flowers, freshly prepared food and various local crafts and services in one of San Diego’s most popular farmers markets. Hillcrest is one of San Diego’s most exciting neighborhoods and perpetually drives high residential demand.

Dining & Shopping

Hillcrest is celebrated as one of the best dining scenes in San Diego with new chef-focused restaurants opening every year. Notable award-winning restaurants include TRUST, Bull & Grain and Bread & Cie. The area is also replete with trendy wine bars, cocktail lounges and craft breweries, making it a popular nightlife spot.

The Hillcrest site is 7 minutes away from Mission Valley, San Diego’s largest retail submarket with two super regional malls, over 6 million square feet of retail and 6,500 retailers.


Hillcrest residents have access to a rich variety of outdoor activities, allowing them to fully enjoy all aspects of the laidback San Diego lifestyle:

  • Golf courses and miles of multipurpose trails in Mission Valley along the San Diego River
  • Athletic facilities and open spaces in Balboa Park including golf, tennis, hiking and biking trails, a cycling velodrome and Morley Field Sports Complex,
  • Beaches and water recreation in Mission Bay including windsurfing, jet skis, sailing and kayaking


Interstate 8 and State Route 163 are both located within two miles and grant the site convenient access to the entire San Diego region. San Diego International Airport is a short 15-minute drive away.

Surrounding Region

The Hillcrest Site’s central location grants it superb access throughout the San Diego region. Shopping, dining, employment, education and transportation are all within easy reach.

Uptown includes the neighborhoods of Hillcrest, North Park, Bankers Hill and Mission Hills and is known for unique its restaurants, boutiques and nightlife. It includes some of San Diego’s oldest neighborhoods, dotted with Craftsman homes and historic buildings. Uptown surrounds Balboa Park, the nation’s largest urban cultural park, home to 15 major museums and the world-renowned San Diego Zoo. Uptown’s communities are evolving from historical neighborhoods of single-family homes and bungalows to higher density contemporary multi family developments.

Mission Valley offers the nest luxury shopping experience in San Diego with 6,500 retailers in over 6 million square feet of retail. Fashion Valley Mall, one of only 30 destination shopping centers in the United States with sales in excess of $1,350 a square foot, offers the best shopping experience in all of San Diego with ne and casual dining, entertainment and live events, and anchored by luxury department stores Bloomingdale’s, Neiman Marcus and Nordstroms. Mission Valley also hosts 53,500 jobs.

Downtown is San Diego’s premier employment center and entertainment district, directly accessible from Metro Center via walking, trolley or car. The area is home to 92,700 jobs, making it the largest concentration of jobs in San Diego. Downtown has also become the destination for many San Diego residents to enjoy the hustle and bustle of urban life while still enjoying the relaxed atmosphere of America’s Finest City.

Little Italy is a chic, pedestrian-friendly neighborhood, packed with trendy cocktail bars, brewpubs and restaurants with bustling patios. Upscale clothing boutiques, indie music venues and quaint piazzas dot the area, while the weekly Little Italy Mercato Farmers’ Market draws crowds to its mix of produce, gourmet food and craft stalls. The green lawns of Waterfront Park have fountains, and offer views of the bay.

Regional recreation is just minutes away from the Hillcrest Site, including San Diego’s world-famous beaches, the sprawling Balboa Park, the San Diego Zoo, Seaworld San Diego theme park, and the Gaslamp Quarter, Downtown San Diego’s chief entertainment district.

Preliminary Design / Floorplan Summary

The Epic on Centre site is located on a quiet residential street just off the main strip on Robison Avenue. The Hillcrest Site has a superb location in the highly desirable Hillcrest neighborhood and is a prime candidate for this development.  The project will consist of a unique and modern luxury building, but have the limited number of units which makes owning a unit in this development a rare and exclusive opportunity. The development will feature high ceilings, high-end finishes, and upscale design surpassing even the most high-end residential units in San Diego.

The Epic on Centre was designed by acclaimed architects Will and Fotsch Architects, formerly of Island Architects, La Jolla.  The focus was on maximizing the square footage to design a luxury living area with an open floor plan and great room that are rare in Hillcrest and the surrounding downtown areas, while at the same time maintaining spacious indoor/outdoor living areas.  In addition, the current schematics allow for a large 830 sq.f. shared rooftop deck and two separate secure underground parking spaces.

Preliminary Architectural Plans (topography)

Preliminary Architectural Plans (site layout)

Preliminary Architectural Plans (garage)

Preliminary Architectural Plans (unit 1A / 1B)

Preliminary Architectural Plans (unit 2A / 2B)

Preliminary Architectural Plans (unit 3 penthouse)

Market Comparables

Market Comparable Sales

We have completed our own professional market study of surrounding comparative condominium and attached unit buildings based on size, location, amenities, age of buildings, and overall quality. Our comparative study includes details on unit size, amenities, price on a square foot basis, as well as continual pulse on the trending sales activity in the area. We believe our approach provides the most concise, accurate, and relatively conservative results with regard to market condominium sales.  

Market Comparable Sales Projections

In our study of the condo market comparative sales, we found that price per square foot ranged from approximately $445 per square foot to $682 per square foot. The average rental rate is $573 per square foot. We conservatively estimated our initial price per square for the units at $550 per square foot, however, we will adjust our initial purchase pricing to stay competitive with the market and ensure the quickest sales time.

We have taken a conservative approach towards our expected returns by utilizing the median comparable sales in the area, rather than the higher comparable sales in our initial proforma analysis.  We anticipate that the project units, however, will be more in-line with the luxury units at the higher end of our comparable sales analysis. We believe that the unique size, quality, and limited number of units in the project will ultimately support such higher comparable sales. This will create a reasonable buffer for risks such as a market adjustment or increased cost of construction and still achieve the expected returns contemplated for our investors.

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