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Seeing new buildings popping up is a great indication that the economy is rebounding – and Carmel Valley is certainly not lacking in this area.
Most residences have heard the hype surrounding Kilroy’s proposed One Paseo development. If approved, Kilroy Realty will begin construction on a mixed use project at the corner of Del Mar Heights and El Camino Real. The proposed “neighborhood village” will include a mix of retail, residential, and office product and will feature “Main Street” featuring new retail shops, restaurants and entertainment. Trader Joe’s, a popular grocery chain and Pinstripes, a bowling and bocce ball venue have already committed to locating within the project. Pending approval from the Carmel Valley Planning Board and the City Planning Commission, Kilroy anticipates construction to commence in mid 2013 and conclude near the end of 2015. The project estimates that it will generate approximately $630 million in direct new economic activity.
Latham & Watkins Build-to-Suit
In late 2012, a 69,836 SF building was demolished on High Bluff Drive in order to make room for a new 70,000 SF Class A office building. Property owner, TIAA-CREF entered into a 10 year build-to-suit lease agreement with law firm, Latham & Watkins. This is the first existing suburban office building in San Diego to be demolished and replaced by new construction in over 30 years. Latham & Watkins will consolidate its downtown office and current Del Mar Heights office into the new LEED Gold project estimated to be complete in early 2014.
Marriott’s Residence Inn
The vacant lot on El Camino Real next to the Marriott, Homewood Suites and Doubletree will no longer be used to sell Halloween pumpkins or Christmas trees. In fall of 2011 construction began on an eight story, 118 room Residence Inn. The hotel market suffered tremendously as a result of the most recent recession. Seeing new development in this industry is certainly encouraging. The Residence Inn is anticipated to be completed in the summer of 2013.
American Assets has planned to construct 5 new office buildings over the next two years. The first of the five will be a 20,000 SF two story office building located in front of the existing ICW Plaza building. Construction is underway with an anticipated completion date of August 2013. In June 2013, American Assets will begin construction of a one story commercial building at the southwest end of the ICW project and in August 2013 construction of a 14,000 SF two story medical office building will begin. American Assets anticipates having both projects complete by January 2014. The last phase of development will be the construction of two 20,000 SF office buildings on the west side of El Camino Real near the California Bank and Trust branch. Estimated completion is August 2014.
Lindsey Smith is a Del Mar resident and founder of San Diego Office Properties. She serves as a trusted advisor for San Diego’s owners and occupiers of commercial space. Lindsey comes from a family of “serial entrepreneurs” and has a true passion for helping local businesses find office space that is aligned with their corporate strategy, culture and budget. Lindsey is a graduate of the University of San Diego. She began her real estate career in 2003 working at a large corporate brokerage house and founded San Diego Office Properties in 2012. San Diego Office Properties functions under the KW Commercial umbrella which allows clients access to a national platform and corporate resources while capitalizing on the flexibility that only a boutique firm can offer.