New Luxury Apartment Development in San Marcos Started While San Diego City Redevelopment Projects Take a Hit

By Gabriel Circiog, Associate Editor RenTV.com reported that Wood Partners has started construction on a new luxury gated apartment community in San Marcos. The four-acre property, located at 815 South Twin Oaks Valley Road, has 12,000 square feet reserved for a [...]

RenTV.com reported that Wood Partners has started construction on a new luxury gated apartment community in San Marcos. The four-acre property, located at 815 South Twin Oaks Valley Road, has 12,000 square feet reserved for a future retail development. The residential development is comprised of 42 two-bedroom and 66 one-bedroom units. These will be arranged in four garden style three-story walk-up buildings.

The project will feature granite countertops as well as luxury amenities such as an ultra-modern clubroom with Wifi, electronic gaming systems, a fully-equipped fitness center, a pool and a rooftop terrace. The developer is aiming to offer the highest standard of living in North San Diego County. Construction is scheduled to be completed in October 2012, but the first units will be available in May 2012.

At the same time, 3 Tier Investments LLC will start the construction of its Campus Pointe retail project. The plan comprises two retail building with 12,000 rentable square feet which will include three restaurants and up to seven retail businesses.

In other local news, Signon San Diego informs that the San Diego city redevelopment projects are set to lose $69.8 million in revenues this year and $16.5 million annually henceforth, according to the new state budget plan. Centre City Development Corp. oversees and implements Downtown redevelopment projects and programs.

Frank Alessi, executive vice president of CCDC, told this same source that the organization is facing a $47.6 million payment this year which represents around 38 percent of its tax revenue. The high-profile projects such as the $29.6 million first phase of the North Embarcadero Design and the $8 million expansion of Horton Plaza park will continue as planned if the CCDC board and City Council agree.

Regarding the mega-projects, such as the $550 million expansion of the San Diego Convention center and the $950 million Chargers stadium, Alessi said that the amount of support that the CCDC can offer is problematic.