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Wednesday, Nov 29, 2023

Luxury Apts Coming to Oceanside’s El Corazon

REAL ESTATE: Project Near New $40M Arena

Sudberry Properties has started construction of a luxury apartment complex in the El Corazon community of Oceanside, a 465-acre former open-pit sand mine that the city acquired in 1994.

Sudberry was chosen in 2011 as the lead developer of the commercial portion of El Corazon − and is in the process of building a $40 million arena on the site near the apartment complex in partnership with the San Diego Sockers.

Colton Sudberry
Sudberry Properties

The 171,291-square-foot soccer arena is scheduled to open in late 2023 with seating for about 5,500, according to Colton Sudberry, president of Sudberry Properties.

Frontwave Credit Union based in Oceanside bought the naming rights to the arena in June for an undisclosed price.

Sudberry Properties also is about to start construction of a 475,000-square-foot industrial complex in El Corazon, Colton Sudberry said.

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That project will include manufacturing and research and development space and about 40,000-square-feet of commercial and restaurant space with construction expected to start in the second quarter of 2023 and finish by the end of 2024, Sudberry said.

Sudberry declined to disclose the construction cost of the apartment complex or the industrial development that will follow.

Clean Lines

Named Luma, the apartment complex at 3546 Village Commercial Drive covers about 11 acres of El Corazon and will have 268 apartments in 23 three-story buildings in a mix of 113 one-bedroom apartments, 120 two-bedroom apartments, and 35 three-bedroom apartments with 11 different floorplans.

“This will be the biggest project we’ve done in Oceanside,” Sudberry said. We’re building the whole project at once. We’ll start delivering individual buildings for rent in about a year and we’ll continue delivering buildings about six months after that.”

The apartments will range from 691 square feet to 1,440 square feet.

All of the apartments will have an outdoor deck, patio or balcony.

Rents haven’t been set yet, but Sudberry said they would be at market prices.

The median monthly rent in September for a one-bedroom apartment in San Diego was $2,024 and $2,609 for a two-bedroom apartment, according to Apartment List, a national apartment listing agency.

Over the past year, rents in San Diego have risen 14.2%, according to Apartment List.

Likely renters in Luma will be people who already live in Oceanside “who are looking to move into a newer project than what’s currently up there,” Sudberry said.

The project also will have two retail suites of 2,350 square feet on either side of the main entrance facing Village Commercial Drive.

Amenities will include a club room with a demonstration kitchen and adjoining covered patio, a conference room, and indoor/outdoor fitness center, a pool with a spa, and barbecues.

“The project will be so highly amenitized, you won’t believe it,” Sudberry said.

Designed by Bassenian Lagoni architecture based in Newport Beach, Luma’s look will be reminiscent of projects designed by the late Irving Gill, Sudberry said.

“It’s a lot of whites, stuccos, flat roofs – I wouldn’t call it contemporary,” Sudberry said. “It’s a very simple architecture with a lot of arches and arcades but a fairly simple, clean line architecture.”

Robust Market

Working with Sudberry on the apartment construction is Hunsaker & Associates civil engineering based in Mira Mesa, Wermers Construction as the general contractor, Schmidt Design Group landscape architects, and Design Tec interior designers.

Bounded by El Camino Real, Oceanside Boulevard, Rancho del Oro Road and El Camino Real, more than 80% of El Corazon has been set aside for parks and open space with two hiking trails.

The property also includes the SoCal Sport Complex with 21 fields for soccer, lacrosse and rugby, the El Corazon Senior Center, and the recently completed William A. Wagner Aquatic Center.

Sudberry said that he expects that the market for apartments like those in Luma will remain strong despite some uncertainty caused by inflation, a volatile stock market, the war in Ukraine and inflation.

“We’re all going into uncertain times here with inflation and interest rates going up. Certainly that will affect demand, but it’s robust,” Sudberry said.

Sudberry Properties
Founded: 1979
CEO/President: Colton Sudberry
Headquarters: Sorrento Mesa
Business: Real estate developer
Employees:   80
Website:    www.sudprop.com
Contact: 858-546-3000
Social impact: Sudberry Properties supports a variety of industry, civic and charitable organizations, including the San Diego River Park Foundation
Notable:  Sudberry Properties has developed approximately 12.6 million square feet of commercial and residential property with a market value exceeding $2.5 billion.




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