|
|
|
|
|
| September 19, 2014 |
Multifamily Developers Starved for Land
There are currently about 4,500 apartments slated for delivery in San Diego this year, and more planned, but Douglas Wilson Cos CEO Doug Wilson tells us it isn't enough to meet future demand. (If you live in San Diego, expect some people to be crashing on your couch.)
The market's still affected by the lack of new residential construction over the last few years, Doug says (right, with his son Nicholas Wilson, who's been with the firm for three years). “Now that the economy has stabilized, and is likely to grow over the next 12 to 24 months, we're still seeing a market with limited supply and significant pent-up demand,” he explains. Douglas Wilson Cos recently acquired 50 acres of the 650-acre Pointe San Diego in Spring Valley and plans residential development on the site to take advantage of the still-simmering demand.
 Doug adds that after years of putting it off, Millennials are now keen to form their own households in San Diego in both the rental and for-sale markets. Included in the Pointe San Diego are a six-acre improved site that's entitled for 88 multifamily units, along with 44 acres—the former site of the proposed Pointe Resort—that Douglas Wilson Cos plans to re-entitle for additional residential development with a component of commercial properties to serve the neighborhood.
 Raw land isn't the only prize in San Diego these days. Investors are also looking for obsolete structures primed for higher and better uses (residential, that is). LandCap CEO Steve Hinckley tells us that his company found such a site at 6950, 7020, and 7050 Friars Rd in San Diego, an assemblage that involved negotiations with three owners and took some months. Currently '70s-vintage office buildings occupy the location. But LandCap has plans to put residential development there; Steve says the site's a much better fit for the current state of the market, and its close proximity to Fashion Valley Mall (pictured).
|
|
|
|  |
Murphy Development's Next Move
|
Master-planning specialist Murphy Development is at it again, closing on nearly 31 acres in the Scripps Ranch Business Park from Intel Corp for its next big thing: the Scripps Ranch Technology Park. Last year, the company kicked off Brown Field Technology Park in Otay Mesa. The developer is taking advantage of the fact that there isn't much entitled land of this kind in central San Diego, says Murphy Development EVP Kaitlin Murphy (left, snapped at the launch of Brown Field). Also, few new buildings have been completed in the area in the past five years—the race is on to satisfy growing demand for tech space. |
|
Now Murphy Development's plans for Scripps Ranch Technology Park include corporate HQ buildings and R&D facilities in synch with entitlements in place for Scripps Ranch Business Park Phase III, which is already home to Lockheed Martin, Paychex, CoreLogic, and others. The property includes five finished lots ranging from 4.6 to 8.2 acres. CBRE's Chris Pascale and Brent Wright repped Intel, which purchased the property in 2000 and had plans to construct a 1M SF corporate campus that never came to pass. |
| |
New Mural for Former Bank Building
Unveiled recently at the corner of B St and Fifth Ave in the Financial District: “Inception's Reflection,” a mural on a 30-foot by 105-foot exterior wall at Five Thirty B, formerly the Union Bank Building. The artwork, by a team of local street artists lead by Maxx Moses, aka Pose 2, is part of Kearny Real Estate Co's $1M conversion of the building's rooftop into a 15k SF outdoor meeting space and roof garden. Kearny acquired the building early this year.
|
|
|
| |
|
|
|
Don't Miss Our
Hospitality Summit!
When someone visits San Diego, spends some cash, then leaves, it actually has a huge effect on our local real estate market. Find out how big at Bisnow's San Diego Hospitality Summit: The Impact of Tourism on the CRE Market on Oct. 9 at the Hyatt Regency La Jolla. Our top-notch speakers include Zephyr Partners' Chris Beucler, Allen Matkins' Valentine Hoy, Partner Engineering and Science's Mark Lambson, the San Diego Tourism Authority's Joe Terzi, Lowe Enterprises' Matt Walker, and Portman Holdings' Roger Zampell. Great networking too! Don't miss out... sign up for our event here. |
| |
NEW EDUCATION VIDEO #6
 Debt: can't live with it, can't live without it. Our latest Bisnow Education video, Debt, explains how an empty pocket can feel so full (or can burn an unrepairable hole). Whereas acquiring debt can leverage you into superstardom, it can also implode your property dreams if you don't respect your foe. Peter Linneman, Wharton's real estate program founder and chairman, shows you how to play the debt game by mastering the subtleties and nuances of building your empire with other people's money. Topics include:
- How Much Debt Do I Need?
- Swaps, Interest Rates, Cycles, and When to Refinance
- Types of Debt
- Leveraging Debt
- And perhaps best of all, Juicing Returns
This is video No. 6 in our hugely popular educational series, with more to come. Purchase it for your staff, for your training classes, or for your own personal dreams of conquest. Peter makes it easy so that you can watch it anytime/anywhere and digest the information in bite-sized, five-minute spoonfuls (watch a sample here). It's available to Bisnow readers for only $99, or purchase all six videos for $499. Order yours here, and for training program group licenses, email Will Friend at will@bisnow.com.
|
|
|
| |
|
|
|
| |
This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. © 2013, Bisnow LLC, 1817 M St., NW, Washington, DC 20036. All rights reserved.
|
|
|
