“There’s a lot development activity on Ingersoll Avenue right now, particularly near [Martin Luther] King Jr. Parkway,” she said. “That activity is just going to move further west.”

The investment group is seeking to work with a developer in moving forward a project on the site, Johansensaid. “We think multifamily units and commercial would be the highest and best use of the property.”

An out-of-state group has shown interest in developing the site and a couple of restaurant owners are interested in opening establishments in a building in that location, Johansen said.

She said she and Ibarra would also like to have offices in a new building at 3901 Ingersoll Ave.

The investment group acquired the property “off market,” meaning it wasn’t listed for sale, Ibarra said.

“We saw this as an opportunity to get involved with all that was happening in the Ingersoll area,” Ibarra said.

Activity along Ingersoll Avenue includes a $17 million streetscape project that includes reconstruction of the street between Martin Luther King Jr. Parkway and 31st Street. The project, which is expected to be completed in 2022, includes installation of new storm sewers, sidewalk widening, upgraded bus stops, burying overhead utility wires, new pedestrian crossings, landscaping and elevated bike lanes.

In addition, millions of dollars in new development is underway or has been completed recently along Ingersoll Avenue. A former fast-food restaurant at 2510 Ingersoll Ave. is being remodeled into a Starbucks coffeehouse. Property at 2525 Ingersoll Ave. will be renovated, returning the structure to its original use as a hotel. In 2020, Newbury Living completed the construction of a luxury 27-units apartment project at 4000 Ingersoll Ave.

“There’s a need for more restaurants and other amenities along Ingersoll,” Iberra said. “We’re just hoping to sit down with someone who can make that vision come to life.”