October 2006
San Diego, California/September 28, 2006 — For an undisclosed price, William Lyon Homes (Lyon) has purchased "The Good Nite Inn," a 93 unit hotel, located at 4545 Waring Road, with plans to raze the 5.6+/- acre hotel facility in order to build 100 town houses. The seller of the property was Good Nite Inn SD, Inc. (GNI), a corporation that owns and operates a number of hotels on the west coast.
William Lyon Homes is a Southern California based builder who builds a diverse range of communities, and product types, and is particularly adept at redeveloping urban infill properties. Over the past 2+ years, Lyon processed a General Plan Amendment, rezone, Community Plan Amendment, and other variances which allow Lyon to develop attached product in a marketplace that has virtually no new product in the pipeline. The development will consist of 100, 3- story slab on grade town homes, with pricing in the $400,000's. Lyon plans to break ground on "Levanto" later this year, and expects deliveries by late 2007/early 2008.
Mr. Scott Goligoski of GW Realty Company was the sole broker in this transaction. In 2002, Mr. Goligoski approached GNI with the concept of redeveloping its Waring Road property for a residential use. GNI had owned the property for a number of years, and the motel was very profitable; however, considering the hotel's age, and the availability of other opportunities; GNI decided that selling the property to a residential builder made sense. GNI initially went forward with another builder who ultimately did not proceed with the transaction. This opened the door for Lyon, whose dedicated staff and consultants secured the project entitlements, and successfully closed the transaction.
Mr. Goligoski's focus is predominantly in the County of San Diego where he targets under-utilized properties which make sense for redevelopment. To discuss this project or other infill opportunities in San Diego County, Mr. Goligoski can be contacted at (858) 622-7171, scottg@dirtdeals.com.
GW Realty Co. specializes in real estate brokerage and valuation consulting with an emphasis in residential land throughout Southern California, and has been involved in over $1.8 billion in transactions since 1993. A non-traditional real estate firm, GW Realty Co. concentrates their efforts on key relationships with a select group of clients and properties.