The venture proposes to develop a mixed-use project including approximately 1 million square feet of buildings at the Campus/ Jamboree site, including both campus style and mid-rise office projects, a possible extended-stay hotel, specialty retail (including a restaurant) and parking structures, as well as future development of multi-family housing units. In total, the project value at completion is expected to exceed $125 million. 

While the joint venture will develop a portion of the project on a speculative basis, the venture is already negotiating with prospective build-to-suit tenants for the office segment of the development. The venture anticipates breaking ground on the project this summer. 

According to Keith Ross, senior vice president of Koll, the Campus/Jamboree site -- owned by Prudential -- is one of the few large blocks of land in the Irvine/Airport area not owned by either the University of California, Irvine or The Irvine Co. and thus represents a great opportunity for the partners. 

"We could not be happier about Prudential's selection of Koll and Strader as their joint venture partners on this project," said Ross. "In terms of tenant attraction, it offers a great location in the heart of the Irvine/Newport Beach business community and features proximity to three major highways, the John Wayne Airport and a range of housing options, not to mention views of Newport Back Bay. 

"Additionally, the property is large enough to implement a meaningful master plan incorporating various uses and product types, which allows Koll to exercise the full range of its commercial real estate expertise." Strader played a major role in bringing the venture together. An industry veteran with extensive entitlement expertise, Strader formerly worked with Don Koll as a partner in The Koll Co. from 1972 to 1984. 

"Creating this three-way venture gives us the opportunity to modify previous plans for the Campus and Jamboree property," said Strader. 

"Originally approved in 1987, the existing plan calls for more than 200,000 square feet of retail uses already accounted for in the marketplace -- theaters, health club, specialty/festival shops, etc. -- and does not respond to today's need for campus-style low-rise office product. The joint venture's revised plans will include ancillary service-oriented retail, such as food outlets and support retail." 

Officials at the City of Irvine are enthusiastic about the project as well. "We are thrilled to see a joint venture in place and the project moving forward after years of discussions," said Paul Brady, Irvine city manager. 

"The Prudential site at Campus and Jamboree is an important project, continuing the high quality commercial and industrial development that has become synonymous with Irvine and extending the successes already achieved within areas such as the Irvine Business Complex and the Spectrum." 

Brady added that by incorporating office, retail, hospitality and housing components, the Koll/Prudential development complements Irvine's original master-planned development concept, adding to the city's job base while simultaneously providing the amenities to support it. 

In seeking the Prudential joint venture partner position, Koll and Strader competed against 10 other qualified development firms. According to Bernard Buchholz, managing vice president of Prudential, the selection of Koll and Strader was based on the strength of their proposed development plan, current activities in Orange County and the John Wayne Airport area, their history of working with the City of Irvine and their proven development abilities. 

"Koll and Prudential are involved in other successful development partnerships and we see this new development venture as an extension of that relationship," said Buchholz. Koll also came to Prudential's table with an experienced team of professionals already assembled, including: 

• Langdon Wilson Architecture, project architect
• Keith Companies, civil engineering
• Leighton Associates, soils consultant
• LSA, traffic consultant