By Tom Veklerovs, CNNMoney writerA home buyer is looking to buy an apartment in a Southern California neighborhood that is already hot on the trail of developers looking to build condominium towers and condominium condominium buildings in a region that has been one of the hottest real estate markets in the country.
The Willowbrook neighborhood is a magnet for developers seeking to build and develop condominium and apartment buildings in the heart of San Diego County, said Scott Koehler, an agent with the real estate firm Koehl & Miller.
He said the area is also home to the nation’s fastest-growing tech industry.
The area is just two hours from downtown San Diego.
It has been home to Silicon Valley for nearly two decades, but the area has also attracted developers who are seeking to make the area more attractive to investors.
“The Willowbrooke area has been a great place to do business, but also the fastest-moving development area in the county,” Koehls said.
Koehl has a client who wants to develop a high-rise apartment complex in the Willowbrook condon neighborhood.
That project has stalled, but Koehm believes that a developer may have another idea.
“I think the developers that are building in the area right now are looking for the right kind of site that would be able to accommodate the high-end housing that the community needs,” Koeshler said.
“If you’re looking at the Willowbrookes, you’re just starting to see it happening.”
For example, a developer is trying to build a condominium building near the intersection of the Willowridge and San Pedro rivers.
The project could be called a two-tower condominium project or a high rise apartment building.
The developer is asking for an estimated $20 million for the project, which is in the early stages of construction, Koehn said.
The project is being designed by a company called DLA Partners, which also owns the WillowBrook area’s only condominium tower, Koeshl said.
The tower is about 7,500 feet high and would be designed by the company, according to the company.DLA is one of several developers that have been building residential projects in the region, Kiehl said, adding that it is a sign of a strong market in Southern Cali.
In the meantime, Kuehler said, the realtor who represents the company has asked him not to disclose the identity of the developer, but said he has heard of other developers who have gone through similar steps.
“He just asked me not to reveal that name because we’re trying to protect the confidential business that we’re doing,” Kuehl said of the company who is representing the developer.
The development would be located about 100 yards (60 meters) from the WillowBrooke condominium complex, Koutre, the project’s developer, told CNNMoney.
Koutre said that the developer would use the building for retail purposes, but not to house tenants.
“This would be a residential development,” Koutrea said.
“We are not going to be renting it out, we are not looking for apartments.
The purpose of this is to be the new headquarters of the condominium industry.”
The project would be built at a site near the Willow Brook condominium development and would have a retail and office space in the building, Koutell said.
It would also be the first project in the market that would offer condominium units with no parking, Koutser said.
It would also have to meet all the local and state building codes, Kochre said.
A spokeswoman for DLA declined to comment.