SoCal Luxury Community Breaks Ground
- Feb 05, 2019
Mill Creek Residential has started construction on Modera San Diego, its first multifamily community in downtown San Diego. Initial move-ins at the seven-story building are expected in spring 2021.
The luxury rental property, comprising 368 units, is located at the southeast corner of 14th and K streets in the city’s East Village neighborhood, within walking distance of Petco Park and the Gaslamp Quarter. It is also two blocks from a San Diego Trolley station, which provides access to the greater downtown area and links to Amtrak regional lines.
High-End Living in a Trendy Location
The largest of San Diego’s downtown neighborhoods, East Village is emerging as a trendy destination with plenty of breweries, coffee shops and nightlife options. Creative offices are also popping up in the neighborhood, offering more employment opportunities. The Modera San Diego development site boasts a Walk Score of 93, meaning it is a walkable community where most errands can be accomplished on foot.
“San Diego is rapidly becoming one of the most pedestrian-friendly cities on the West Coast, and the East Village is transforming into a destination locale for new residents,” John Colletti, vice president of development, Southern California, for Mill Creek Residential, said in a prepared statement. “We’re thrilled to add this community to the neighborhood’s robust entertainment, retail, restaurant and cultural amenities, and we believe Modera San Diego will address the market’s booming growth while serving as a premier housing option in the area.”
Modera San Diego will have three architectural styles, offering studio, one- and two-bedroom homes with various loft plans on the penthouse level. Interiors will have high-end fixtures and finishes such as nine-foot ceilings, wood plank-style floors, quartz counters with matching tile backsplashes and soaking tubs.
Community amenities will include:
- Sky lounge with pool and spa;
- two outdoor kitchens
- fireside gathering areas
- two outdoor courtyards
- fitness studio
- co-working spaces and executive conference rooms
- bowling lounge
- lobby lounge
- parcel storage lockers
- dog run with groom basins
- controlled-access subterranean garage parking
Mill Creek Moves
Late last month, Mill Creek, in partnership with a Rockwood Capital affiliate, broke ground on Modera LoHi, a 132-unit luxury community in downtown Denver. Located at 2555 16th St., Modera LoHi will be convenient to interstates 25 and 70 as well as dining, shopping, entertainment and major sports venues. Totaling more than 191,000 square feet, the new community will have a mix of studios, one- and two-bedroom units.
In November, the Dallas-based national multifamily company and institutional investors advised by J.P. Morgan Asset Management refinanced Modera Avenir Place, a Class A, 628-unit multifamily community in Vienna, Va., with a $156.2 million loan secured through MetLife Investment Management. HFF arranged the floating-rate loan that was used to retire existing construction financing for the apartment property built between 2013 and 2105.
Images courtesy of Mill Creek Residential