First, there were going to be condos for sale. Then, it was going to be a hotel. In a month or so, perhaps the third incarnation will be the charm when renters could begin moving in at Stella, locted at 2015 Hancock St. The new owners are “shooting for the beginning of July” for their grand opening and hope to have the building filled with renters by the end of the year, said Mick Barbee, director of West Coast Acquisitions for Carmel Partners. Though the four-story, 85-unit project was approved in 2005 and constructed over the next few years, no one’s ever occupied the building. Carmel Partners finalized the purchase in April, some 26 months after the building fell into receivership, said Barbee, who addressed members of the North Bay Community Planning Group (NBCPG) on May 18. The original developer, Constellation Property Group, had hailed the units they named Stella at Five Points as “hip and trendy … designer condominiums” that would sell on average for $432,800. The San Diego Redevelopment Agency had agreed to provide a $1.7 million subsidy so 13 of the two-bedroom units would be sold to moderate-income buyers. Constellation later changed course and planned to market the building as a hotel called domus@STELLA. Both proposals fizzled and receivership took place in February 2009. The redevelopment agency never paid anything to Constellation and terminated its ownership participation agreement in April, said Cynthia Eldred, lawyer for Carmel Partners. Because of current market conditions, Carmel Partners has ruled out trying to sell the condos. The building requires only minor cleanup and landscaping before allowing renters, Barbee said. The original requirement to provide 13 affordable units still stands because it was part of the agreement with the redevelopment agency before the city issued permits. Eldred said she will eventually ask the city for a reduction to 8½ units, which she said would comply with the city’s inclusionary housing ordinance. Without commenting on whether Carmel Partners should be allowed to reduce its affordable housing obligation, NBCPG Chairwoman Melanie Nickel said she was encouraged to see progress. “We’re all glad to see the project moving forward,” Nickel said. “There were a whole slew of residential projects right there at the trolley, then the bottom fell through. We were concerned about that project just standing there derelict.” In other NBCPG news: • A water-main replacement project has NBCPG board members concerned about traffic headaches for people trying to get on and off interstates 8 and 5. The project involves both sides of Camino del Rio West between Moore and Hancock streets, as well as surrounding blocks on Kurtz, Riley, Moore and Greenwood streets. Construction is scheduled to begin in June 2012 and take place during the day so as not to disrupt nearby hotels, said project engineer Elizabeth Dunn. The project, known officially as Sewer & Water Group Job 799, does not yet have a page on the city’s website. • The newest name on the board is also a familiar one. Cathy Kenton has been appointed to replace Bill Kenton, longtime member and community advocate, who died in April at the age of 85. Like her late father, Cathy has plenty of community planning experience, having chaired the Midway Planning Group (the previous name of the NBCPG) in the 1990s and is serving on the Torrey Pines Planning Board. In memory of Bill Kenton, the board opened the meeting with a moment of silence. • The eventual sale of the mammoth U.S. Post Office on Midway Drive will not come as a surprise if board member Mike Swanston can help it. Three developers are believed to be vying for the purchase, said Swanston, who has vowed to keep tabs on the transaction. All three are locally based and are interested in doing a project that involves residential, commercial or a combination, he said. • For the second year in a row, no portion of the June 5 Rock ‘n’ Roll Marathon course runs through the Peninsula – and that news has earned a thumbs-up from Nickel. “It practically shut down the neighborhood (in previous years),” Nickel said. “We begged them every year to consider another route.” The course again ends at SeaWorld instead of the Marine Corps Recruit Depot, and no running takes place on Pacific Highway, Barnett Avenue or surrounding streets, as in previous years.