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| 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.”
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| 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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