LaSalle Investment Management and Lowe Enterprises Form Joint Venture to Develop IDEA1
January 15, 2015 - LaSalle Investment Management has partnered with Lowe Enterprises to develop IDEA1, an urban mixed-use project in the vibrant Upper East Village, the fastest growing area of downtown San Diego.
LaSalle’s investment in the venture positions the project to move toward a fall 2015 construction start.
The $90 million, six-story, 289,000 square-foot project is located on a full city block bounded by E, F, Park and 13th Streets. The site is strategically located within two blocks of two trolley stops, the New School of Architecture and Design and the future East Village Green community park. The team plans a mixed-use development complete with 300 multi-family housing units, ground floor retail and office space and subterranean parking.
Chris Akins, Managing Director, LaSalle said: “This property presents a perfect opportunity to provide joint venture equity with our partners at Lowe, and allows us to address the increased demand for urban spaces that offer a mix of residential, commercial and entertainment uses with proximity to public transit.”
IDEA1 will be one of the first developments in the I.D.E.A. District, a 95 acre sustainable, mixed-use initiative spearheaded by I.D.E.A. Partners Pete Garcia and David Malmuth. The I.D.E.A. District vision is to develop an urban mixed-use district driven by a 21st century innovation and design jobs cluster, nourished by Educational institutions and enriched by the arts. I.D.E.A. Partners will work with LaSalle and Lowe on the development of IDEA1.
Mike McNerney, Senior Vice President, Lowe Enterprises, said: “LaSalle is a respected and strategic investment manager that supports the vision for this dynamic project. Their addition to the team is an important step forward in the development process.”
On behalf of Lowe Enterprises, JLL’s Capital Markets experts, led by Executive Vice President Darcy Miramontes, Vice President Kip Malo, and Managing Directors Lynn LaChapelle and Bob Prendergast, arranged the joint venture partnership. JLL’s Chris Casey, also a Managing Director, will also lead financing efforts on behalf of LaSalle.
The group will now complete the finishing touches on project design as it works toward groundbreaking in the fall of 2015.