Wayne Reeder has a reputation for tackling tough downtown area redevelopment projects, and his latest endeavor in the West Bottoms ranks right up there.
His development entity, the Reeder Family Trust, has purchased the industrial block northeast of Union Avenue and Mulberry Street where Weld Wheel formerly manufactured racing and high-performance wheels.
The properties have been vacant for several years.
For about $700,000, Reeder bought three buildings totaling 405,000 square feet, including a massive nine-story concrete structure at 933 Mulberry St., two smaller buildings and surface parking.
His $30 million redevelopment plan calls for apartments and commercial space.
“I’m very high on this project,” Reeder said. “I think it’s one of the better buildings in the West Bottoms.”
The developer has a knack for taking on castoff buildings passed over by others.
In 2004, his firm renovated the derelict Vista Del Rio building at 600 Admiral Blvd. into a 144-unit condo development called the View.
And for the past six years, the Reeder Trust has been gradually redeveloping the old Trinity Lutheran Hospital complex at 31st and Baltimore streets into the Park Reserve development. It’s ultimately expected to include condos, senior apartments and assisted-living housing.
His new West Bottoms project calls for converting the 275,000-square-foot building at 933 Mulberry into about 200 market-rate apartments and commercial space. The two other buildings — a three-story building at 1200 Union and a two-story structure at 1216-18 Union — would be converted into a mix of residential and commercial space.
Reeder is working with Dennis Bradley, the architect who designed the View and Park Reserve developments, on preliminary drawings.
He plans to seek a property tax abatement from the Planned Industrial Expansion Authority to help the redevelopment.
“Subject to city approval, we expect to be well under way within six months,” he said.
Bob Mayer of M.R. Capital Advisors is a consultant on the project.
Pat Murfey of Evergreen Real Estate Services was the broker for the seller of the property, Pacific Western Bank of San Diego.