May 9, 2013
Ground Breaks on 208-Unit Multifamily Project in the East Village
National Real Estate Investor
by Katie Hinderer SAN DIEGO - OliverMcMillan and Capri Capital Partners have begun construction on The Lofts. Located a 688 13th St. in San Diego, the five-story residential building is on a two-year construction schedule. "We are excited to be investing in San Diego, and to partner with OliverMcMillan in developing new high-quality residences for the burgeoning community," said Ken Lombard, partner in Investments at Capri Capital Partners, in a statement. "With continued low vacancy rates and a steady demand for rental units in the East Village District, we see this project as a fantastic opportunity to add to the vibrancy of this neighborhood." The project will include 208 apartment units, ranging in size from studios to two-bedroom residences, as well as 5,320-sq.-ft. of ground-level retail space. Planned amenities include a 9,000-sq.-ft. roof deck, floor-to-ceiling glass, gated terraces and murals by local artists. "The Lofts at 688 13thStreet is designed as a piece of sculpture, a poised and urbane presence. This thoughtful, architectural development reflects the spirit of the art community of the East Village," said Paul Buss, president of OliverMcMillan. "The distinctive roof deck and ground-floor spaces set this residential development apart from the rest of the market. It is the next evolution of OliverMcMillan's leadership in creating multi-family developments with extraordinary common areas." Pappageorge HaymesPartners and AVRP Studios have been tapped as the project's architects. The interior and roof deck design was created by Jules Wilson ID. Spurlock Poirier is the landscape architect. VCC is the general contractor.