April 13, 2017 – 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.
“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.”
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.
“Solana Beach is in the midst of tremendous economic growth and revitalization, making it the perfect location to launch this mixed-use development,” says Robinson. “We recognize the potential in this market, and plan to capitalize on the demand for more outdoor dining options by delivering high-end restaurants within a vibrant coastal setting. In doing so, we will be creating our own micro-community and supporting the current transformation underway in Solana Beach.”
The project is also transit-oriented, in close proximity to the COASTER commuter train and walking distance to a bridge that connects to Highway 101, which has recently undergone a $7 million revitalization effort to transform it into a community-oriented, pedestrian-friendly corridor.
RAF Pacifica Group plans to work closely with Sean MacLeod, a Solana Beach-based developer who originally secured the entitlements for this land parcel.
“MacLeod laid the foundation for the design and development of this project, and worked with the city council to ensure that it will meet the city’s objectives,” adds Robinson. “Drawing upon our deep development expertise, we plan to bring this vision to fruition.”
Robinson confirms, “Ultimately, this mixed-use project is well-aligned with our strategy of developing high-quality real estate in irreplaceable locations throughout San Diego. With over one million square feet of ground-up development in the pipeline, we are actively pursuing mixed-use opportunities and continuing our momentum of development activity in Southern California.”
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.
RAF Pacifica Group’s development momentum continues in the industrial sector as well. The firm broke ground this month on its “vec•tor” project, a two-story creative industrial/R&D facility totaling 169,087 square feet in Carlsbad, according to Robinson.
“The demand for high-quality industrial buildings in San Diego has never been higher,” explains Robinson, who notes that the tightening in industrial space is placing upward pressure on lease rates. “We’ve timed this well by developing at this point in the market cycle, and plan to break ground on additional Creative Industrial™ projects over the next few months.”
Vec•tor will accommodate one to four industrial or research tenants, and will feature RAF Pacifica Group’s premier Creative Industrial™ amenities, including indoor/outdoor gathering areas, extensive creative office space, and outdoor fire pits, among others. The property will also offer 30’ clear height ceilings, ample parking, grade-level and dock-high loading doors, and a glass-centric design to ensure natural lighting for users.
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.[button href=”https://www.blaujournal.com/?s=raf+pacifica+” style=”flat” size=”medium” color=”#dd3333″]READ MORE RAF PACIFIC GROUP ARTICLES[/button]