From SoCal Real Estate’s October 2018 issue:
The latest news and developments in construction
$1B-Plus in Construction Underway at Millenia
As of mid-July, a total of 1,600 for-sale homes, 562 apartments, 136,000 square feet of retail, and a 135-room Ayres Hotel are currently under construction or completed at Millenia, a 22,899-acre master-planned community in the Otay Ranch region of eastern Chula Vista, California. Groundbreakings for an office campus, two parks, and a fire station are expected soon.
Meridian Development is charged with developing the 210-acre community, encompassing about 80 city blocks for the landowner, Stratford Land.
Millenia Commons, a 138,800-square-foot lifestyle destination center being developed by Sudberry Properties, is set to open the first quarter of 2019, and Ayres Hotel Chula Vista is scheduled for completion this December. Both are located at the gateway to Millenia near Birch Road and SR 125.
For Millenia Commons, Flocke & Avoyer has facilitate leases with HomeGoods, Cost Plus World Market, Ross Dress for Less, buybuy Baby, Mattress Firm, Great Clips, Crystal Nails, and Pacific Dental Services. Incoming restaurants include Hurricane Grill & Wings, La Sabrosita Botanero Grill and Cantina, Menchie’s Frozen Yogurt, Jamba Juice, McDonald’s, Starbucks, Grater Grilled Cheese, Board & Brew, and Luna Grill.
The Ayres Hotel Chula Vista will be the company’s second hotel in San Diego County and 22nd hotel in Southern and Central California. The urban-style hotel will be adjacent to the future Millenia Office development.
Chesnut Properties is set to break ground this winter on the 7-acre first phase of Millenia Office, which has been entitled for 2 million square feet of class-A office space comprising three campuses. Dubbed the Think campus, this initial phase will include two four-story office buildings totaling 325,000 square feet, a parking structure for 1,300 vehicles, and a 7,000-square-foot fitness center and café complex.
In addition, Trammell Crow Residential’s Alexan Millenia, a luxury residential community with 309 apartments and 6,655 square feet of retail and restaurant space, is opening in phases at 1660 Metro Ave. The project includes one-, two- and three-bedroom apartments; townhomes; and amenities such as a resort-style pool and spa area, community co-working space, fitness studio, lounge, and teen room.
In July, the Chula Vista City Council and Planning Commission gave unanimous approval for a Master Plan Amendment to Millenia’s core. “Our vision includes breweries, tasting rooms, boutique restaurants, wellness studios, a Maker’s Plaza for craftsmen and artisans, WeWork® shared office space and community services, as well as considerably more office space,” says Guy Asaro, president of Meridian Development.
Waterfront Creative Condos in Newport Beach
Creative-office condominiums at Vue Newport, a recently completed mixed-use development on the harbor in Newport Beach, California, are ready for tenant improvements. As of mid-July, Redwood West, acting on behalf of owner Third Palm Capital, has sold two of the 11 commercial units that were offered for sale in January; another two are in escrow, and the remaining units are under active negotiation.
Located on the Balboa Peninsula, the bayfront development features specialty retail and eateries in addition to the office condos, surrounded by high-end residential.
The office condos at Vue Newport feature bi-folding doors, overlook the bay, and are 100 yards from the ocean. The project features eight ground-floor condos and three second-floor condos ranging from approximately 680 square feet to 6,400 square feet.
Amenities include two eateries — Hamptons, a Las Vegas eatery that will open its second location in Newport Beach in 2019, and The Pizza Press, a “build-your-own-pizza” model with a 1920s Americana newspaper theme; three specialty retail shops, including Beach Bunny Swimwear; four per 1,000 square feet parking; priority access to public dock slips; preferred access to lease private slips accommodating boats up to 75 feet; use of the dog-walk area, as commercial spaces are dog-friendly; and access to paddleboards and other water-activity equipment. The office condos can be connected with the residences, creativing a work/live environment.