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December 15, 2017
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SAN DIEGO NEWS
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RAF Pacifica Group Acquires 40k sf Land Parcel for Solana Beach Mixed-Use Project

4/14/17

RAF Pacifica Group has acquired a 40k sf land parcel in San Diego’s Solana Beach submarket, on which the firm plans to develop a 26k sf, mixed-use project integrating restaurant, retail, office and multifamily space. It was purchased for $5.5 mil.

The land, formerly the site of Cedros Gardens, is fully entitled for development, and is located within the rapidly growing Cedros Design District. The planned development will include 3.2k sf of high-end restaurant space, 5k sf of ground-floor retail, 8k sf of high quality office, and eight multifamily units, all within a walkable, centrally-located urban setting.

“This site is a rare find in the current market,” explains Adam Robinson, Founder & Principal of RAF Pacifica Group. “The opportunity to acquire land that is fully entitled in the heart of such a vibrant district enables us to create a true lifestyle destination that will support Solana Beach’s ongoing revitalization and drive future economic growth, resulting in long-term value and higher quality of life for the community at large.”

Located in the tightly-knit coastal community of Solana Beach, RAF Pacifica Group’s project will be located on the same street as Cedros Avenue Design District, an open-air retail center featuring 85 boutique shops and restaurants. Home furnishings and design retailer West Elm plans to open its first Solana Beach store in this center, and a number of other redevelopments are underway within the Cedros Design District.

The project is also transit-oriented, in close proximity to the COASTER commuter train and walking distance to a bridge that connects to Highway 101, which has recently undergone a $7 mil revitalization effort to transform it into a community-oriented, pedestrian-friendly corridor.

RAF Pacifica Group plans to work closely with Sean MacLeod, a Solana Beach-based developer who originally secured the entitlements for this land parcel. The Cedros Avenue project will break ground in 2017, with an estimated completion date in 2018.

RAF Pacifica Group also broke ground this month on its “vec•tor” project, a two-story creative industrial/R&D facility totaling 169.1k sf in Carlsbad. Vec•tor will accommodate one to four industrial or research tenants, and will include indoor/outdoor gathering areas, extensive creative office space, and outdoor fire pits, among others. The property will also offer 30’ clear height ceilings, ample parking, grade-level and dock-high loading doors, and a glass-centric design to ensure natural lighting for users.

Vec•tor will be situated in Carlsbad Oaks North, a 120-acre master-planned corporate business park in Carlsbad where leading biopharmaceutical company IONIS Pharmaceuticals is headquartered, and other major biotech companies are located. Development costs for this project total $30 million. Ware Malcomb has been selected as the architect for this project, and TFW Construction is the general contractor. Vec•tor will be completed in Q2 of 2018.






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