Park One

^{Project Overview:
3416 Sixth Avenue, San Diego, CA 92103
Bankers Hill}

^{Transforming a Failed Project into Success: The Revitalization of Balboa Park Condo Tower}

^{14 penthouse-style residences | one residence per floor with direct elevator access
Adjacent to Balboa Park
Total Sales Volume: $20,252,750
Price Range: $934,450 – $2,000,000
Represented Seller}

The Background:

The Savory Group was retained in January 2015 by 3415 Funding LLC to market a highly unique 14 story, 14 unit residential condominium tower located on the northwest corner of Balboa Park. The project had been foreclosed mid development in 2009 and was formerly known as Mi Arbolito.

The asset presented several significant challenges, including sub par interior finishes, HOA fees exceeding $1,000 per month, a lack of amenities, undesirable parking, and an urgent need for a complete repositioning and new public identity. These factors had contributed to stalled momentum and limited buyer appeal.

Our Solution: 

Phase One focused on repositioning the asset. The Savory Group rebranded the project, staged the top-floor penthouse, and strategically relaunched the building to the market. Within the first 30 days, two residences directly beneath the penthouse sold at full asking price, immediately establishing credibility and renewed momentum.

Phase Two involved the strategic renovation of the 9th-floor residence to further elevate the building’s perceived value. The Savory Group proposed and managed the renovation, actively participating in finish selections, overseeing the hiring of a general contractor, and managing the project onsite to ensure execution at the highest level. The renovation garnered national attention through a collaboration with Jeff Lewis of Bravo’s Flipping Out, significantly increasing exposure and buyer interest.

Throughout the renovation process, The Savory Group maintained an on-site presence, ensuring meticulous attention to detail while sustaining consistent sales activity.

End Result:

Within three days of completing the 9th-floor renovation, The Savory Group secured the third sale and executed contracts on ten additional residences. Six of these contracts included a custom renovation package proposed and managed by The Savory Group, delivering fully turnkey homes tailored to buyer preferences while streamlining an otherwise complex contract process.

This innovative approach resulted in increased closing values and supported price increases across the remaining inventory. The project ultimately achieved a full sell-out within 18 months. The successful transformation of a once-challenged property into a highly desirable residential community stands as a testament to The Savory Group’s strategic vision, hands-on execution, and ability to unlock value in complex development scenarios.