The San Luis Downtown Shell gas station on Monterey Street could soon be replaced by a 10,000-square-foot development that would bring more offices, retail establishments or restaurants to the east end of downtown.
Real estate agent Marty Indvik, who represents local developer NKT Commercial, said the property at 1101 Monterey St. is in escrow with his client for an undisclosed sum.
Indvik said plans for the site are in the very early stages, but they include two 5,000-square-foot buildings separated by an on-site parking lot. Tenants will be able to build to suit their needs, and ground-lease options also will be available, Idvik said.
Indvik said the developer hopes to bring more business to the eastern edge of San Luis Obispo’s downtown area with the project.
“We’re looking to further extend and connect that downtown core,” Indvik said. “This is a high-profile gateway operation.”
No businesses have been guaranteed a spot once the project is completed, but Indvik expects either a financial institution or offices to occupy some space. Other possibilities are a retail business or restaurant, he said.
Depending on how many choose the build-to-suit or ground-lease options, combined, the two buildings could house anywhere from two to five businesses, according to renderings.
No proposals have been brought to the city yet regarding the site, according to San Luis Obispo County Director of Economic Development Lee Johnson, and no date has been set to start construction.
Indvik said the developer is confident the entire project could be completed by late 2014.
The owner of San Luis Downtown Shell did not respond to calls for comment.