August 2, 2016
Los Angeles-based Kilroy Realty Corp. is set to break ground on One Paseo, a $650-million, 1.1 million-square-foot, mixed-use project in San Diego’s Carmel Valley. The REIT plans to begin construction in Q4 on a $150-million, 18-month phase that includes 235 multifamily units, retail and project infrastructure.
Once the retail component is operational, Kilroy plans to build the office space at the 23.6-acre site. The city granted approvals after the office component was reduced to 280,000 square feet and the retail space was trimmed to 96,000 square feet. The project will include 608 units of residential.
Approvals came after eight years of planning that included staunch opposition and several lawsuits surrounding One Paseo’s impact on surrounding neighborhoods. Ultimately, Kilroy’s downsized, but higher density project satisfied community planners and residents.
For comments, questions or concerns, please contact Dennis Kaiser