North Park is one of San Diego’s most vibrant, walkable, and culture-rich neighborhoods. But in recent years, the area has gained a bit of a reputation among developers and lenders alike—and not for the right reasons.

So what happened?

During the last development wave, many operators rushed into North Park aggressively. They overpaid for land, underwrote unrealistic post-construction rents, and prioritized maximum density over long-term functionality. The result? A glut of micro units and studios—often with no parking—in a tenant base that still values livability, convenience, and lifestyle.

These projects, once hyped as high-yield urban infill, are now underperforming assets. Lenders are wary. Appraisers are discounting value. And many owners are stuck trying to lease units priced above what the market is actually willing to pay.

But here’s the thing: it wasn’t the neighborhood that failed. It was the approach.

We’re taking a different path.

At 4457 Texas Street, our team is building a multifamily project that learns from the mistakes of past cycles. Located between University Heights and North Park and benefiting from San Diego’s Complete Communities zoning overlay, the site allows us to build high-density housing by right—but we’re doing it with intention.

Here’s what we’re doing differently:

Including on-site parking to meet real tenant demand and improve lender appetite

Conservative rent projections based on comps, not wishful thinking

Efficient unit layouts that prioritize natural light, storage, and long-term livability

A location-first strategy—we’re within walking distance of shops, cafes, and major employment hubs, not just dropping units into a generic grid

Our goal is simple: deliver a product that leases quickly, appraises strong, and holds value over time.

We don’t chase unit counts at the cost of tenant experience or investment returns. Instead, we build with the end user in mind—renter-first design, realistic financials, and thoughtful execution.

Because in real estate, the smartest play isn’t always building more. It’s building better.