A barbed wire-lined lot full of trucks and storage containers along Mission Gorge Road in Allied Gardens is about to get a huge makeover.

A developer purchased the 23-acre plot near Old Cliffs Road between Mission Gorge and Admiral Baker Golf Course seven years after a residential development plan was approved.

Beverly Hills based developer G.H. Palmer Associates bought the huge chunk of land for $48.6 million on Oct. 18, according to one of the deal's brokers, Cushman and Wakefield.

The developer's Chief Investment Officer Steven Fink said they plan to build 996 resort-style studio, one-bedroom and two-bedroom apartments.

“We’ll create a fabulous rental community with the latest and greatest amenities that we’ve become known for over the years, including pools with cabanas, gyms, business centers, and state of the art technology for our tech savvy and future thinking residents,” Fink said.

The plan also includes 37,500 square feet of retail space and a 5.3-acre park on the San Diego River.

A ground breaking on the project is expected to happen in April 2020 and structure construction is slated to begin in 2021, according to Fink.

City Councilman Scott Sherman said there will be upcoming opportunities for community input regarding the project, and said the developer will not be allowed to exceed the number of units originally approved in 2012.

Editor's Note: A mistype in this story said the plan calls for 3,750 square feet of retail space, which should have read 37,500.