Kilroy Realty Corp. has begun construction on One Paseo, the developer’s $660 million mixed-use project in Carmel Valley. The 23.6-acre, multi-phase development is slated to include shops, restaurants, apartments, offices and public plazas.
Local government and business leaders held a ground-breaking ceremony Jan. 25 at Kilroy’s existing The Heights Del Mar office campus, located directly south of the One Paseo project site off Del Mar Heights Road near Interstate 5.
Designed as a live-work-play environment, One Paseo will have approximately 1.1 million square feet of elements. The first phase, to cost approximately $225 million, includes 95,871 square feet of retail and the initial segment of apartments, with retail tenants not yet announced.
At completion, One Paseo will have a total of 280,000 square feet of office space and 608 apartments. Kilroy has committed to build 61 affordable housing units on the site, to be made available to households earning 65 percent of the San Diego area’s median income or less.
Kilroy’s plans for public spaces include curating a venue for recurring community programs such as farmers markets, outdoor concerts, art walks and other social events. “One Paseo will create a spirit of community that even if you don’t live or work there, it invites you to meet up, hang out and join in,” said Kilroy Senior Vice President Nelson Ackerly.
Los Angeles-based Kilroy has been planning One Paseo for several years. Following talks with community members, the current version is scaled down in size from the developer’s original proposal, which spurred lawsuits and other opposition due to issues including potential traffic congestion.