The Challenge:

Idle asset in Imperial Beach with city restrictions. There was no tax revenue contribution to city. Additionally there was a community liability with criminal history. Previous proposals were declined as benefits offered and design requirements were unsatisfactory.

Our Response:

FBP met with city of Imperial Beach to clarify wants and needs. FBP proposed several solutions with desirable community and city benefits in exchange for a density allowance increase. After further collaboration with city, proposal was approved. FBP completed purchase in 20 days.

The Results:

Fidelity created a multifamily design build concept that enhanced the community. There was a positive contribution to city tax base while absolving city of risks related to an asset perceived as a community hazard. Certificate of occupancy was issued within ten months. Project sold within thirteen months. Fidelity expanded relationship with the City of Imperial Beach for consideration of future projects.