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Pernicano's should close escrow in Jan. 2019, what's next?

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The long closed and still vacant Pericano's restaurant is in escrow according to Jeannine Savory the agent handling the sale, but the building's fate is still up in the air. 

"Yes, the property is in escrow; scheduled to close in January 2019," Savory told San Diego Gay and Lesbian News

The property, now used primarily for parking, was put on the market in 2014 after three decades of being empty. Original owner George Pernicano, who passed away in 2016, wasn't ready to sell the 25,000-foot piece of land, but his son Gary thought it was time and stepped in; there were some stipulations. 

"The Pernicano’s had a vision for the property which is why they were particular about who purchased it," said Savory. "They became involved in the plan update in 2014 to prevent a down zone, have made strides in moving the plan forward with the vision they have."

Pernicano told the U-T Tribune three years ago that it wasn't hard to find someone to develop the property for condos or apartments, but his vision goes beyond that. 

“I want something more than that. It’s a legacy I want to leave for Hillcrest," he said. "because I think the community needs a hotel, with the hospital just a few blocks away and this is such a unique community.”

Savory says there is a proposal about what is to go there but her office is not ready to release that information. "The uptown plan is now stalled waiting for the specific plan to be completed and has a ways to go before that vision can be put forward, and in the best interest of the community, the Pernicanos have decided to sell for development under the current plan."

San Diego Gay and Lesbian News will keep you updated as soon as we know more about the development plans. 

Jeannine Savory is a REALTOR®; Licensed at Canter Brokerage.