The property is expected to bring a bid between "$5 million and $10 million” and could be developed into as many as a dozen houses. The city is expected take out the cement reservoir tank, fill it in, and level the area.
Property owners nearby have houses currently valued in the $1.5 to $3 million range.
One of those neighbors is Lt. Col. David Mulcahy, USMC (Ret) and his wife, Carol. Mulcahy recently dashed off a letter to 2nd District Councilmember Lorie Zapf, arguing the reservoir project has not been properly noticed.
“I am baffled by the total absence of any reporting (on the reservoir project) that has not been publicized, or brought to the attention of our neighborhood,” Mulcahy said referencing steps required to remove the Pacific Beach Reservoir tank on Los Altos Road. “Residents surrounding the reservoir have been expecting, literally for years, that this would occur. Many of us have been in touch over the years with various city administration leaders who have consistently assured us that there were no plans to sell the reservoir property.”
Mulcahy added neighbors only became aware of the city’s decision to sell the reservoir property last week when a “For Sale” sign was posted at the reservoir.
Another Kate Sessions Park neighbor, Debbie Kostas, expressed other “transparency” concerns about the city project.
“The reservoir was dedicated to the community many years ago,” Kostas said. “All of a sudden, the property is for sale in a single-family residential community.”
Fellow neighbor Michael Wagner said residents near Kate Sessions are discussing taking action.
“I heard the neighbors are going to have an informal meeting over what can be done,” Wagner said. “At one time, I heard the city would make it into a park. But I guess the city needs money to pay for road improvement (yeah, right).”
In promotional materials, project developers are characterizing the reservoir project, named Los Altos Summit, as “A once-in-a-lifetime opportunity to acquire an irreplaceable development site in a highly-sought-after residential neighborhood with abundant employment.”
It was pointed out by developers that, within one mile of Los Altos Summit, the median home price and per capita income is roughly 70 percent higher than the county average.
The median home value in this area was $875,500 in 2016 and is expected to reach nearly $900,000 in 2021.