The 1.76-acre former trailer park site at 329 and 343 S. Highway 101 recently sold for $6.85 million, a coastal commercial land transaction that’s said to be one of the largest in the past five years, according to a release.
Lee & Associates, one of the largest national real estate brokerage firms, closed the deal, representing both the seller, Maganda Corporation, and the buyer, American Assets Trust, which has other major investments in Solana Beach.
American Assets declines to comment on the sale at this time.
Lee & Associates lead broker Steve Bruce said in a statement that the land will be intended for a mixed-use (commercial and residential) project.
“The site has been in great need of redevelopment,” Bruce said of the land, which is also home to a duplex and two commercial structures.
The developers will work with City of Solana Beach staff to make sure the development is compliant with city code, and the project will eventually come before the City Council for approval. The public will be able to give input at that time. Holding public hearings or workshops will be at the discretion of the developer and city manager, said Solana Beach Mayor Lesa Heebner.
“That’s a large stretch of the 101,” Heebner said. “That development will make a big impact.”
Heebner said she is not yet aware of specifics regarding development plans, but she does know the developer will clean up the land right away.
“Anything will be better than what we have there,” she said, adding that the planning process for that land will be particularly important as it unfolds.
“It will set a precedent in terms of scale as well as strong, good architecture that fits into a beach community,” Heebner said.
American Assets Trust is a full-service real estate investment trust that owns, operates, acquires and develops retail, office and multi-family properties in California, Hawaii and Oregon. The company also owns and manages Lomas Santa Fe Plaza, the Solana Beach Towne Center and the Solana Beach Corporate Centre offices on Stevens Avenue.
“I am so pleased to see another successful developer, who understands and has already invested substantially within the city of Solana Beach at our two shopping centers on Lomas Santa Fe, now invest even more resources into our seaside community,” said Solana Beach Councilman Dave Roberts said in a statement. “The funded renovation of our historic Highway 101 downtown, which we hope to break ground in the spring of 2012, is demonstrating that our council is serious about promoting a quality downtown environment that can be developed smartly and conducive with our residential community.”
— Claire Harlin