“There’s almost nothing being built at that middle-income area.” There’s plenty of choices for people that can buy a $1 million home,” he said. “(41West) supplies a segment of the market that does not need any more choices. But, he said the county needs more housing at all income levels. Steve Russell, executive director of the San Diego Housing Federation, does not fault developers for building fewer homes than they are approved for - partly because it reduces costs from per unit city fees. “But, if you can build a bigger unit and get a higher profit margin, that’s what’s going to happen. “Obviously, we want the most supply we can get,” said Mark Goldman, a finance and real estate lecturer at San Diego State University. They removed a condo to make the lobby bigger, bumping up the ceiling from 14 feet to 24 feet.Ĭutting back more than 30 units for 41West doesn’t exactly help the county’s housing shortage. He pushed San Diego-based architect Awbrey Cook Rogers McGill and interior designer Cristina Oberti of Vancouver to design an elaborate lobby with marble, wood and a roughly 8-foot chandelier. One of Tangsoc’s favorite things to show off to real estate professionals, and potential buyers, is the lobby. Tangsoc did that a few months ago, pitching 41West to brokers and hiring real estate agencies to help market it. One fatherly tip: Marketing a development begins with a “cocktail hour” conversation, which is talking to a small group of people about what makes the project great. Tangsoc has a bachelor’s degree in finance from the University of Arizona, yet much of his education, he said, comes from working with his father. “’Who built 41West?’ That’s what we want everyone to ask,” he said. The complex was zoned for up to 75 units, but he decided to build fewer condos to maximize the space - allowing 1,400- to 3,995-square-foot units and 10-foot ceilings. Tangsoc has obsessed over every detail of 41West, down to raised counter-tops and under-cabinet bathroom lights.
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