A rare, coastal development featuring high-end housing, upscale retail and premier office space in Solana Beach’s Cedros Avenue Design District is speeding toward completion in 2019.
The 26,200-square-foot project, known as 330 Cedros, is a type of micro city with a little bit of everything for North County’s most discerning denizens. The two-story building, when finished, will consist of eight luxury apartments, a restaurant and bar, four small shops, 8,000 square feet of office space and 78 parking spots.
“It’s such a special project,” said Adam Robinson, founder and principal with RAF Pacifica Group, the real estate investment group that owns the property. “You get a bit of a downtown, urban feel right by the beach.”
The firm acquired the land from the previous owner, James Harker, for a little more than $5 million in April 2017. At the time, RAF Pacifica inherited the site’s mixed-use project — already masterminded, approved by regional agencies and mostly entitled — from Solana Beach local and business owner Sean MacLeod, who had held an option to buy the land but decided someone else was better suited to build his vision. RAF Pacifica then had to install power lines and finish the land entitlement process, which delayed the ground breaking.
Construction started in earnest in June. Now, things are moving along at a rapid pace with the building’s shell slated for completion, and spaces ready to turn over to tenants for custom build outs, by August. The goal is to have businesses open and residences occupied by the end of 2019, Robinson said.
Ultimately, RAF Pacifica anticipates spending around $20 million, not including the land cost, to complete the endeavor. That’s because Robinson believes 330 Cedros will appeal to elite tenants — especially on the residential front — who want to be a part of something new and in a walkable neighborhood by the coast.
“There are only eight units in this project, so we decided to make them luxury units,” he said. “There’s nothing done in this area, along the coast, for people to rent.”
The residences, located on the second floor of the building, will feature large view decks, top-of-the-line fixtures and appliances, and even heated floors. They’ll range in size from 980-square-foot one bedrooms to 1,750-square-foot two bedrooms, with prices to be decided at a later date. Renters will be presumably be people who already own a home in town, but also want to rent something in close proximity to the beach, Robinson said.
Otherwise, tenants for the retail, restaurant and office components are still unknown, with the developer in no hurry to lease out space.
“I’m OK with waiting,” Robinson said, adding that the uniqueness of the project can only be appreciated once construction is complete. “We did the exact same thing for the Lift project in Carlsbad. … We waited to lease that because no one had ever seen anything like it.”
That development, at 6021 Innovation Way in Bressi Ranch, is a two-building, 44,000-square-foot center featuring creative office space, eateries and outdoor amenities. Lift is nearly finished and now close to being fully leased, Robinson said.
— Jennifer Van Grove is a reporter for The San Diego Union-Tribune