“This project will be the first of its kind to come online in the La Jolla submarket in many years,” said Jonathan Lee, principal with Los Angeles-based George Smith Partners. “This market is extremely supply constrained and competitive, and demand for residential product in this high-end area continues to climb.”
The development site consists of two parcels, at 7601 Draper Ave. and 720 Silver St., on which a single-story veterinary clinic and a U.S. Postal Service location currently exist. The 41,881-square-foot development will replace these structures, resulting in a centrally located residential community within walking distance of restaurants, shopping and the bluffs overlooking Torrey Pines and the Pacific Ocean.