May 8, 2013
OliverMcMillan and Capri Capital Partners Announce Construction Start for New Multifamily Development in San Diego's East Village
OliverMcMillan and Capri Capital Partners Announce Construction Start for New Multifamily Development in San Diegos East Village
San Diego, Calif., May 8, 2013
OliverMcMillan, a San Diego-based real estate development firm known for creating artistic, enduring, city-street-oriented destinations, and Capri Capital Partners, a real estate investment firm providing institutional capital for development and acquisition of urban commercial and residential communities, announced today that construction is underway for The Lofts at 688 13th Street, with a two-year construction schedule. The Lofts at 688 13th Street is planned as a five-story residential building fronting 13th Street between Market and G Streets in the East Village Arts District of downtown San Diego.
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 - Investments, of Capri Capital Partners. 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.
Covering three-quarters of a city block, the new construction includes 208 mid-rise and ground-level apartments with studio, one-bedroom and two-bedroom residences, an exceptional 9,000 square-foot roof deck with amenities and two ground-level retail spaces of approximately 2,660 square feet each.
The Lofts at 688 13th Street 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 clean design of the upper-level residential floors is interjected with murals by local artists. The facades of the residential levels employ a shifting pattern of fenestration that changes from floor to floor. In an effect that is lively and kinetic, the windows and glass-faced balconies are patterned to respond to the unique configuration of each apartment.
Ground-level residential units will feature floor-to-ceiling glass, separated from the sidewalk by gated terraces, which provide additional security and privacy. OliverMcMillan is widening the sidewalk on 13th Street to create a walkable, pedestrian-friendly environment. The 22 foot-wide sidewalk will feature abundant landscaping at the property line and on the street side, creating a lush corridor.
Inward facing apartments at the upper-level will offer superior views to a linear, landscaped courtyard and some city views. Inward facing ground-level units will have direct access to private patios within the courtyard space.
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 OliverMcMillans leadership in creating multi-family developments with extraordinary common areas, added Buss.
The roof deck is beautifully designed for the comfort and enjoyment of residents and their guests, with architectural lighting, steel and wood trellises, lounge seating, several fire pits, an enclosed pet area, wonderful views of the surrounding city and skyline. Residents will be able to enjoy extensive common areas with outstanding amenities both at the ground floor and at the roof deck as well as a Fully Fit Gym and media lounge.
Urban living is supported in the East Village, which is one of Downtown San Diegos largest and most rapidly developing residential neighborhoods, encompassing 130 blocks just east of the Gaslamp Quarter. The revitalization of this once blighted warehouse district was fueled primarily by the building of PETCO Park, the San Diego Padres state-of-the-art baseball stadium which opened in 2004. Today, neighborhood residents are surrounded by luxury hotels and restaurants, rooftop bars, cafes, boutique shops, galleries, live music venues, major grocery and convenience stores. The East Village is home to the San Diego branch of The Fashion Institute of Design and Merchandising (FIDM) and the New School of Architecture and Design. The neighborhood enjoys close-in access to the Thomas Jefferson School of Law, as well as the businesses and employment opportunities offered in Downtown San Diego. The Lofts at 688 are adjacent to the San Diego Trolley and catty corner from a Trolley stop, making Downtown and the greater region easily accessible.
Project architects are Pappageorge Haymes Partners and AVRP Studios. Landscape architecture is by Spurlock Poirier. Interior and roof deck design services are by Jules Wilson ID. General contractor is VCC. HFF (Holliday Fenoglio Fowler, L.P.) provided mortgage brokerage services and construction financing is provided by J.P. Morgan.
About Capri Capital Partners
Capri Capital Partners, LLC is an institutional real estate investment advisory firm, investing and managing commercial real estate properties and portfolios since 1992. Capri and its predecessor companies have acquired or originated over $10 billion in commercial real estate investments. Capri offers a broad spectrum of equity and debt products to its customers through separate account and commingled fund vehicles. Diversified assets managed on behalf of its pension fund and other institutional clients totaled approximately $3.5 billion as of December 31, 2012. Capri is headquartered in Chicago with offices in Los Angeles and the New York area. For more information, visit the companys website www.capricapital.com.
OliverMcMillan is one of the largest private landowner in Downtown San Diego. The Lofts at 688 is OliverMcMillans seventh multi-family residential development in Downtown San Diego. The firm has delivered 800 apartment residences to the market since 1995. Founded in 1978, OliverMcMillan has earned a reputation as one of the largest and most forward-thinking commercial real estate developers. The award-winning firm creates high-quality, artistic, market-appropriate developments and is recognized by industry leaders for its ability to move forward in a nimble and visionary manner. The firm has designed, developed and manages more than eight million square feet of projects, with a total project value exceeding $3 billion. OliverMcMillan currently has projects in cities across the United States, including San Diego, Honolulu, Los Angeles, Atlanta, Houston, Chicago and Phoenix. Approaching each project with respect for the surrounding architecture and local culture, the firm works to create vibrant, enduring destinations. For additional information about OliverMcMillan, please visit www.olivermcmillan.com.
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy any security relating to Capri Capital Partners, LLC or any of its funds. Any offer or solicitation may be made only through the delivery of a definitive Private Offering Memorandum and all information contained herein is qualified in its entirety by such Memorandum.
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