OliverMcMillan and Capri Capital Partners Announce Construction Start of Multifamily Project in San Diego

OliverMcMillan and Capri Capital Partners Announce Construction Start of Multifamily Project in San Diego

SAN DIEGO, CA - 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 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 OliverMcMillan’s 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 Diego’s 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.

Source: Capri Capital Partners / #Lofts #SanDiego

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