San Diego Business Journal

Two Encinitas-headquartered development firms are in the process of acquiring 16 acres of prime oceanfront real estate in Del Mar for a proposed luxury resort.

The Robert Green Co. and Zephyr announced March 10 that they have entered into an agreement to jointly acquire and develop a 16-acre parcel located between Via de la Valle and North Beach, also known locally as “Dog Beach.” The site is between Camino Del Mar and the Pacific Ocean.

The land consists of seven parcels owned by three separate owners, all of whom have executed agreements with the developers. A spokeswoman for the developers said the price of the land and the expected cost of the resort project were not yet being released, and no renderings have been produced.

In a statement, Zephyr CEO Brad Termini said his company and the firm led by Robert Green will be seeking community input on the project’s scope and design, which have not been finalized. A public community meeting and planning schedule will be announced soon.

Current proposed elements include a luxury resort, branded resort villas, restaurants and meeting space. The site is adjacent to city-owned land spanning four acres of walking paths, starting at North Beach and ending at a point overlooking that beach and the Del Mar Racetrack.

Developers plan to enhance accessibility to the walking trails, and are requesting ideas from the community on the design of a planned city park that will be incorporated into the project. Termini said developers first envisioned the development more than a year ago.

Zephyr was started in 2008 and has developed several high-end residential projects. Currently underway is the company’s $100 million Bankers Hill luxury condominium development, known as The Park, and it recently broke ground on a $185 million luxury condo community in Dana Point, called South Cove.

The Robert Green Co. has been in business about 18 years and has developed several upscale hotels and resorts, including the recently opened, $120 million Pendry San Diego in the Gaslamp Quarter. It has also proposed, with property owner and developer Fifth Avenue Landing LLC, a $270 million hotel complex near the San Diego Convention Center.

Green’s company is also currently teaming with Laguna Beach-based hotelier Montage International, led by Alan Fuerstman, on a planned Montage- and Pendry-branded resort as part of a larger $360 million project in La Quinta.