Sunday, April 16, 2017

RAF Pacifica Group Announces New Mixed-Use Development in Rapidly Growing Solana Beach, CA Submarket

Adam Robinson
SAN DIEGO, CA – RAF Pacifica Group, a San Diego-based commercial real estate investor and developer, has acquired a 40,000 square-foot land parcel formerly the site of Cedros Gardens, on which the firm plans to develop a 26,000 square-foot mixed-use project integrating high-end restaurants, ground-floor retail, office, and multifamily in the Solana Beach submarket of San Diego.

The land is fully entitled for development, and is located within the rapidly growing Cedros Design District.

Vec•tor will be situated in Carlsbad Oaks North, a 120-acre master planned corporate business park in Carlsbad where leading biopharmaceutical company IONIS Pharmaceuticals is headquartered, and other major biotech companies are located.

Development costs for this project total $30 million. Ware Malcomb has been selected as the architect for this project, and TFW Construction is the general contractor. Vec•tor will be completed in Q2 of 2018.

The Cedros Avenue project will break ground in 2017, with an estimated completion date in 2018. RAF Pacifica Group acquired the 40,000 square-foot entitled land parcel for a total consideration of $5.5 million from a private owner.

“This site is a rare find in the current market,” explains Adam Robinson, Founder & Principal of RAF Pacifica Group.  “The opportunity to acquire land that is fully entitled in the heart of such a vibrant district enables us to create a true lifestyle destination that will support Solana Beach’s ongoing revitalization and drive future economic growth, resulting in long-term value and higher quality of life for the community at large.”

Steve Leonard
The planned development will include 3,200 square feet of high-end restaurant space, 5,000 square feet of ground-floor retail, 8,000 square feet of high quality office, and eight multifamily units all within a walkable, centrally-located urban setting.

“This project exemplifies the type of high-quality, coastal mixed-use projects we are looking to build and hold long-term,” continues Robinson. 

“The demand for highly walkable communities, coupled with a trend toward urbanization, is driving the creation of fully integrated, amenity-rich environments that offer a live/work/play experience and foster a sense of community.”

Robinson notes that walkability is a key component of the economic redevelopment of densely populated cities and districts, and not only attracts residents and businesses, but also substantially increases property values.

Located in the tightly-knit coastal community of Solana Beach, RAF Pacifica Group’s project will be located on the same street as Cedros Avenue Design District, an open-air retail center featuring 85 boutique shops and restaurants. Home furnishings and design retailer West Elm plans to open its first Solana Beach store in this center, and a number of other redevelopments are underway within the Cedros Design District.

    With  Robinson and Steve Leonard at the helm, RAF Pacifica Group oversees a portfolio of 2.75 million square feet of real estate, with a niche focus in mixed-use, office and industrial product. The firm has an additional one million square feet of speculative development in the pipeline over the next 24 months, and continues to actively seek value-add investment and ground-up development opportunities in San Diego County.

For a complete copy of the company’s news release, please contact:

Katie Kea / Jenn Quader
Brower, Miller & Cole
(949) 955-7940


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