The Friars Road Project is a truly Class ‘A’ Trophy property and location. It’s comprised of two components of residential housing: a 249 unit, 8 story apartment building and next door a planned 70 unit, 9 story luxury condominium tower. The Mission Valley location on Friars Road is considered ‘A’ plus, directly across the street from Fashion Valley Mall, a high-end regional shopping center noted for the highest sales revenues per square foot in the County.
Each mid-rise building features 2 story, podium parking for residents. The rental segment is designed to top-level condo quality specifications, very well amentized with exercise, recreational, and concierge services for its tenants. The Condos will feature upgraded but similar luxury amenities separate from the apartments, including a rooftop deck.
Presently on the 5.5 acre site are 3 fully leased office buildings, all scheduled for end of 2016 lease expirations. The subject property is in the entitlement stages with a completed and fully submitted application to the City. The presently contemplated project has received city staff, local community and planning area group support. Full entitlements are expected in early 2017.
The projects are scheduled for late 2017 construction start and 18 month construction period completion. These units will be coming to the rental and sales market in mid-2019.
The partnership, made up of LandCap and its Capital Partner, believes in optionality of exit strategy. This project presents several exit alternatives to the partners to consider at different times throughout the entitlement and development process: sale of the fully entitled project, build-out of the entire project or a sale of either the apartment and/or the condominium site. Presently, the partnership is planning to build-out both apartments and the condominiums. LCIP will continue to read the market dynamics to choose the “best” overall execution.