Marina Place: Luxury Apartment-Retail Complex Planned for Downtown San Diego

Business Wire, Sept 25, 2000

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SAN DIEGO--(BUSINESS WIRE)--Sept. 25, 2000

MGI/SAS Downtown Marina LLC has broken ground on Marina Place, downtown San Diego's first luxury, high-tech apartment/mixed use development in the revitalized Marina District. Prominently located on a full city block at 101 Market near San Diego Bay (bounded by Island Street and First and Second Avenues), the five-level, 149-unit building will feature one- and two-bedroom units, townhomes and loft apartments, 10,822 square feet of retail space and a subterranean parking garage.

"With the downtown apartment rental vacancy factor near zero, demand is high for residential properties in the Marina District. Thus far, the supply has been predominantly high-end, high-rise condominiums," said Ronnie Morgan, San Diego-based principal of The Morgan Group Inc. (MGI). "We see a definite market here for luxury units to rent vs. purchase," noted Morgan, whose firm is developing Marina Place as a joint venture with SAS Development LLC.

The target date for completion is Spring, 2002.

The partnership's vision to transform a perennial eyesore -- a three-parcel, 1.38-acre full city block consisting of a Greyhound Bus maintenance yard and two parking lots -- into Marina Place exemplifies the vibrant rebirth of residential demand in downtown San Diego. "It will transform the former incompatible use into a well-designed addition to the neighborhood," remarked Shawn A. Schraeger, principal, SAS Development. Marina Place will have a contemporary feel, with clean, angular roof lines and stucco exteriors with buildings alternating in muted green, peach, ecru and deep rose stucco colors.

Designed by nationally award-winning architect Rob Wellington Quigley, FAIA, the luxury mid-rise will consist of four and some five stories above one level of subterranean parking. The layout includes a through block "urban canyon," filled with sycamore and oak trees replicating a native San Diego canyon environment, creating a unique amenity for residents, retail patrons, pedestrians and the downtown neighborhood. The city's redevelopment agency, Centre City Development Corp. (CCDC), will install decorative sidewalks and street lamps.

"We're pleased to announce we've already signed our first retail lease with Oscar's Restaurant. The San Diego-based family-style restaurant will anchor the retail component with 6,029 square feet at the corner of First Avenue and Market Street," said Schraeger.

Floor plans include "walk-up" two- and three-bedroom townhouses on the street level, with studios and one-bedroom units above and loft-style apartments situated over a portion of the ground-floor retail space. "It will be downtown's first high-tech luxury rental property with built-in computer desks and wiring for high-speed internet access, plus a business center with a computer room with software and periodicals library, computers, fax machines and teleconferencing equipment," said Morgan.

Other amenities include 24-hour access to a state-of-the-art fitness facility with cardio-theater; media/movie room with state-of-the-art surround-sound stereo; minimum nine-foot ceilings; designer gourmet kitchen and bath cabinets; spacious walk-in closets; oversized oval garden tubs; individual washers and dryers; and furnished efficiencies.

"We appreciate the efforts of the CCDC and its Senior Vice President, Pamela Hamilton, for helping make this urban in-fill development come to fruition," stated Morgan and Schraeger. Thanks to the CCDC, downtown San Diego is undergoing a major renaissance in commercial, retail and residential development. The resurgence of its Gas Lamp Quarter, home to the Historic District, has been enhanced further by the construction of the downtown Trolley transportation system, the expansion of the San Diego Convention Center and plans for a prospective San Diego Padres baseball stadium.

Marina Place is near San Diego Bay and the waterfront development, which includes the Marriott and Hyatt Regency hotels, and Seaport Village, a specialty retail and restaurant development. With a Ralph's supermarket across the street, and proximity to the one-million-square-foot Horton Plaza mall (anchored by Nordstrom, Macy's and multi-screen move theaters), a performing arts theater and jogging and bike paths, Marina Place is situated in the hub of downtown activity.

Mellon Bank and Chase Bank provided the project financing. Lusardi Construction Company, Inc. is general contractor of Marina Place. The project manager is Geoff Burns.

Ranked the 13th largest apartment development company in the country in 1999 with 2,452 rental starts in 1998, The Morgan Group, Inc., is continuing to focus more on in-fill apartment development nationwide. The company has offices in Houston, San Diego, Atlanta, Denver and Orange County, Calif.

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