by The Editors on October 19, 2007
From a business perspective this probably isn’t the greatest news in world, but according to a story in the North County Times Carlsbad office space vacancy rate is soaring.
Leasable office vacancy rates in the posh coastal city have risen to 24.2 percent in the third quarter, the report stated. That’s up from 21.2 percent in the second quarter and just 10.2 percent in the third quarter of 2006. “Leasable” refers to empty space that is on the market and leased space that is unused and could be rented to someone else. . . “Vacancy has continued to shoot up as construction has been outpacing absorption,” said John Hoffmann, a senior vice president at Burnham, a real estate research firm in San Diego.
Looks like this may have something to do with the recent softening of the real estate market in general. Sadly, we’re going to guess this vacancy number will go even higher in the short term.
[Link: North County Times]
by The Editors on October 18, 2007
If the Carlsbad City Council gives the Ponto Vision Plan (a development that could include “a 215-room Hilton resort; a 269-room hotel; a 161-unit condominium and live-work complex; and a 180-room hotel and 126 time shares”) the thumbs up it’s going to greatly increase traffic on La Costa Avenue. That means the road will have to be upgraded. But exactly who is going to pay for that has become a point of contention between the cities of Carlsbad and Encinitas.
Carlsbad estimated that the improvements would cost $5.34 million and determined that Ponto developers should pay 27 percent, with Encinitas paying the rest, Encinitas officials said. . . . Encinitas Planning Director Pat Murphy said Ponto’s developers should pay 70 percent of the improvements. His staff based its calculations on the developers’ share of the additional traffic that would be using La Costa Avenue, yielding a much higher share for the developers.
We have an easy solution: don’t build out Ponto.
[Link: San Diego Union Tribune]
by The Editors on October 18, 2007
The Mitsuuchis family is hoping to sell 18 acres of land on the northeast side of Batiquitos Lagoon to the California Coastal Conservancy as open space according to a story in the San Diego Union Tribune.
Deborah Ruddock, the California Coastal Conservancy’s project manager for North County lagoons, said the property has been appraised at $2.4 million. The conservancy’s board will consider committing $1.7 million toward buying the property at its meeting Nov. 8, Ruddock said. . . She said the California Department of Fish and Game and the U.S. Fish and Wildlife Service are trying to come up with the balance.
Open space on the lagoon is a good thing, right?
[Link: San Diego Union Tribune]
by The Editors on October 3, 2007
Carlsbad-based real estate developer Russell “Rusty” Grosse, who was “instrumental in creating the YMCA Aquatic Park in Carlsbad and who has hosted (with his wife Bebe) the annual Magical Evening fundraiser for the Women’s Resource Center for 27 years is being inducted into the Oceanside High School Hall of Fame this year at a ceremony on October 20, 2007.
. . . a 1953 graduate and an inductee in business, [Grosse] practiced law in Oceanside before founding Foursquare Properties Inc., a company that has developed large housing, retail, industrial and office projects throughout the western United States, including several in Oceanside.
We’re usually not big fans of developers, however, Rusty is one of the most personable, kind, generous guys in the business and Carlsbadistan should be proud. . . even if Oceanside is giving him the award.
[Link: San Diego Union Tribune]
by The Editors on September 28, 2007
In its past Carlsbadistan has rarely seen developments that were designed for anything more than maximum density (and profit) for the builder. Finally, with a project called Bluwater Crossing, the idea of urban designed live/work loft space close to the beach and public transportation is being realized in the empty land near the Poinsettia Coaster Station. We haven’t seen the complete designs, however, in concept we believe this is exactly what Carlsbadistan could use much more of.
Bluwater will feature 13 buildings with 78 distinctive residential units, 21,700 square feet of commercial/retail space; a 3,600-square-foot day-care center; 151 stalls in a subterranean garage for residents and day-care employees; and 107 parking stalls for retail customers and guests. . . Its exclusive live-work units are perfect for small businesses and professionals who want to eliminate commutes by working from home.
According to the North County Times, Trammell Crow Residential of Costa Mesa broke ground on Thursday, September 27, 2007 and hope to have the complex finished in “early 2009.” For information on buying into Bluwater Crossing click here.
[Link: Bluwater Crossing via North County Times]
by The Editors on September 23, 2007
Leave it to the Oceanside City Council to ignore a recommendation from their own Planning Commission and approve an “82-room hotel, a restaurant and four 3,400-square-foot condominiums” on the northern shore of Buena Vista Lagoon, according to an opinion piece by Judi Wilson in the North County Times.
Buena Vista Lagoon, located on the border between the cities of Carlsbad and Oceanside, was designated California’s first Ecological Reserve in 1969. From far inland, along Buena Vista Creek, this ancient watershed nourishes the only fresh water lagoon in San Diego County, offering shelter, food and nesting habitat to a vast variety of birds and animals.
The Buena Vista Audubon Society along with several other groups is going to appeal Oceanside’s decision to the California Coastal Commission. For more info visit the Buena Vista Audubon Society Thursday September 27, 2007 at 7:30 p.m. at the Nature Center, 2202 S. Coast Highway, Oceanside.
[Link: North County Times]
by The Editors on September 20, 2007
. . . and then Ponto can look just like this! Epic.
At Wednesday night’s Planning Commission meeting, the Ponto Beach Front Vision Plan got thumbs up all around (no surprise) with a few slight alterations according to a story in the North County Times.
It was the second time the commission has backed the document. Two years ago, the group gave its endorsement, but the City Council later ordered an extensive environmental review. The council’s decision came after intense pressure from neighbors and coastal preservationists.
The “modifications” include:
- expanding the buffer zone — a public parkland — along Batiquitos Lagoon. The recommendation calls for a 75-foot buffer area, up significantly from the original footpath area that the plan initially called for;
- mandating underground parking structures unless the developers can show they aren’t feasible;
- requiring trail links and encouraging the state park system to allow public access through its South Carlsbad State Beach campground; and
- putting additional noise mitigation measures on a proposed hotel project in the northern end of the Ponto area.
This will go before the City Council in late October, so there is still time to slow it down.
[Link: North County Times]
by The Editors on September 19, 2007
The 34-unit Casa Del Mar Apartment complex at 3515 Roosevelt St was just purchased by the Glenn L. Goldman Family Trust for $6.8 million. The 22-year old complex consists of 28,900 square feet in five two-story buildings. This is the same group who owns the “18-unit Ocean Breeze Apartments on the same Carlsbad corner at 475-497 Chestnut Ave” and bought the 25-unit Pelican Cove apartment complex on Eaton street in Oceanside two years ago.
Apparently real estate is a good investment. . .
[Link: San Diego Daily Transcript]
by The Editors on September 15, 2007
When the Carlsbad’s Planning Commission meets on Wednesday September 19 at 6 PM they will back on the Ponto express. After postponing a vote on September 5 they are now ready to weigh in on the Ponto Beach Front Vision Plan.
Known formally as the Ponto Beach Front Vision Plan, the document covers a 50-acre region that is mostly owned by three parties — Star Properties of Japan, Wavecrest Resorts of Carlsbad and Ponto Storage owner Dale Schreiber. The area is bordered by Carlsbad Boulevard to the west, the railroad tracks to the east, Batiquitos Lagoon to the south and the Hanover Beach Colony development to the north.
We’re going to go way out on a limb and guess that the plan will get a big thumbs up all around. Good-bye Carlsbad, hello Huntington Beach.
[Link: North County Times]
by The Editors on September 14, 2007
We knew it would happen, but it’s always fun to watch how these kinds of mall developments get approval from City Council. How’s this for a ringing endorsement:
“I actually think the developer has done a pretty good job on this project,” Councilwoman Julie Nygaard said. “It isn’t perfect … but it has to be (financially) viable. … What you want to do is to create a place where all the little shops can work with the big shops.”
Nice to know that Carlsbad’s City Council continues to get behind commercial developments that are “pretty good” but “aren’t perfect.” Isn’t it?
[Link: North County Times and San Diego Union Tribune]
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