SAN DIEGO–Joint venture partners Lowe, AECOM Capital and Atlas Hotels have completed the sale of four residential development parcels in San Diego’s Mission Valley neighborhood. The 10.13-acre development site is part of the planned mixed-use renovation and redevelopment of the Town and Country San Diego, a 40-acre urban resort hotel and conference center on Hotel Circle North in Mission Valley. The buyer was a joint venture owned by Vancouver, Washington-based developer Holland Partner Group and North America Sekisui House, LLC (NASH).
According to Tom Warren, Executive Managing Director of Holland Partner Group, construction on the first phase of the apartment community will begin in early 2019 with delivery of the first units as early as spring 2021. NASH-Holland plan 840 residences on four distinct parcels. “The site is ideally situated within Mission Valley; its immediate access to transit, a restored river-park and the Fashion Valley Mall; along with Lowe’s re-envisioned hotel and resort make this a highly desirable location for our residents,” said Warren. “We look forward to continuing our work with Lowe, AECOM Capital and Atlas to create an inspiring and walkable mixed-use neighborhood.”
JLL’s Darcy Miramontes, Kip Malo, Bob Patterson, Lynn LaChapelle and Sach Kirpalani represented Lowe, AECOM Capital and Atlas Hotels.
“NASH-Holland’s development will allow us to realize the vision we have been working toward; creating a vibrant living environment within Town and Country. The recent approval of our plan by the San Diego City Council paved the way for this transaction that will bring new life to Town and Country and much needed multifamily housing to the area,” said Mike McNerney, Executive Vice President for Lowe.
Lowe plans a complete renovation of the 688-room Resort, with a lushly landscaped entry, new lobby, five food and beverage outlets, a new resort pool and a 170,000-square-foot renovated conference center. Lowe will also restore eight acres of habitat on the property and create a three-acre public park along the San Diego River that runs through the property. The river park will include interpretive signage, benches and seating areas, multipurpose turf, a new pedestrian bridge and a multi-use trail system that will add to the existing 17.5-mile San Diego River Trail.
“This transaction allows the partnership to move ahead with reimagining this iconic mid-century hotel resort. It will provide much needed housing as well as restored habitat and public green space in a highly desirable part of San Diego, located proximate to transit,” McNerney added.