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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY NAMED EXCLUSIVE FINANCIAL ADVISOR FOR LUXURY MIXED-USED DEVELOPMENT IN LA JOLLA |
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Monday, June 30, 2003
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New York, NY
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Sonnenblick-Goldman Company has been exclusively retained by project developer Makar Properties, LLC to arrange financing for the development of a 327-room Westin La Jolla Commons Hotel and an adjacent 115-unit, 25-story luxury condominium in La Jolla, CA.
Both developments will be integral parts of La Jolla Commons, a mixed-use development located northwest of the intersection of La Jolla Village Drive and Interstate 805 in the University Towne Center (“UTC”) area of San Diego’s Golden Triangle.
The development will include a 20-story, Class-A 450,000- square-foot office tower, and a 30,000-square-foot scientific research facility.
The total development cost for the entire master-plan is approximately $300 million, with approximately $150 million budgeted for the hotel and residential components.
“The combination of enormous barriers to entry and strong underlying demand growth in a diversified economy peaked our interest in the La Jolla Commons opportunity,” says Paul Makarechian, the chief executive officer of the developer. He adds that the difficulty and value of completing the entitlement process for a mixed-use project of this scale in California cannot be underestimated.
“The strong market demand for a contemporary, upscale hotel in this location, combined with the luxurious residential tower that will offer hotel services, and the landmark design of the project make this one of the most exciting mixed-use developments in the country,” notes Mark Gordon, managing director and principal of Sonnenblick-Goldman in New York. “The La Jolla market’s corporate, residential and leisure demand base will help ensure the long-term success of this unique project,” he adds.
Grading has begun on the hotel site, and conceptual architectural plans are being finalized. Construction of the hotel is scheduled to begin this fall, with the grand opening anticipated for the summer of 2005.
The residences are in the initial design development phase. Construction is scheduled to begin this summer, and the grand opening is expected in early 2005.
“The residences will be the only existing or planned product in the north San Diego marketplace that provide hotel amenities in a high-rise condominium format. The serviced small-unit format caters to the unserved evolving markets of singles, childless couples, retirees and corporate end-users,” says Mr. Makarechian.
According to Rob Stiles, San Francisco-based managing director and principal of Sonnenblick-Goldman, “This project is first and foremost about location. The greater San Diego market area offers the strongest hotel and residential market fundamentals in the country. Secondly, it’s about the quality of execution. The developer and a first-rate team of professionals have the vision, track record and discipline to deliver the right product to the market.”
Makar Properties currently has over $1.5 billion of development underway in California and Texas. The developers most recent completion on the California coast is the Monarch Beach Resort, which includes the award-winning St. Regis Monarch Beach Resort and Spa and the Robert Trent Jones II-designed championship golf course and luxury resort residences in Dana Point. |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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