San Diego Business Journal |
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Temecula Developer Breaks Ground on San Marcos Site Temecula-based Community Collective broke ground in mid-March on the Autumn Terrace development, a 93,900-square-foot mixed-use community in San Marcos. Development costs are estimated to be $30 million by its completion date of April 2010. The Redevelopment Agency of the city of San Marcos has provided Autumn Terrace Development a $13.5 million loan for acquiring the site and developing the project. The new community, on Autumn Drive between Mission Road and San Marcos Boulevard, is being built in partnership with the San Marcos Redevelopment Agency. Autumn Terrace will consist of 7,500 square feet of commercial and retail space and 205 parking spaces. Of the 103 apartment units, 100 will be reserved for occupancy by families whose income does not exceed 60 percent of the current area median income. The residential units are slated to be arranged in five three-story buildings placed around open space and parking areas. The commercial space will be on the ground level along Autumn Drive. There will be an on-site management office, community meeting room and laundry room. Lowry Lane will be developed into a through street from San Marcos Boulevard to Autumn Drive. The developer has secured low-income, tax-credit financing and recently closed on its construction loan from Boston Capital. Rent for the one-, two- and three-bedroom units is expected to range from $410 to $1,175. Community Collective is applying for a LEED Certification. In an effort to attain it, the community will include energy efficient features such as solar electric panels, Energy Star-rated appliances and lighting, ultra-low-flow water fixtures and drought tolerant landscaping. Countertops and flooring will be made from recycled materials. A portion of concrete from previously demolished buildings will be crushed and used for fill and storm water management that will treat 90 percent of the runoff for removal of pollutants before it enters the public storm drain system. Ginger Hitzke, managing partner for Community Collective, is heading the development and construction of the project. The legal team includes Alfred Fraijo Jr., Claudia Gutierrez and Michael Kiely from the Los Angeles office of the law firm of Allen Matkins Leck Gamble Mallory & Natsis. The Allen Matkins team negotiated the financing agreements, including the construction loan with Boston Capital and low-income, housing tax-credit financing. Allen Matkins also advised Community Collective through land-use and redevelopment issues. Allen Matkins real estate expertise was critical to advancing the financing negotiations and getting the development off the ground on schedule. • • • Sully-Jones Roofing Co. has completed re-roofing of the Las Serenas Apartments community located at 4352 Delta St., in the Logan Heights area of San Diego. Approximately 44,000 square feet of roofing was installed on the apartment community owned by Community Housing Works and managed by John Stewart Co. The contract was valued at approximately $128,000. Nearly 36,000 square feet of Owens Corning 30-year shingles were installed, as well as some 8,400 square feet of the patented Polara spun polyester fiber membrane material on flat roof areas. — Cassandra Dump |
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