Controversial $750 million Carmel Valley real estate project moves forward
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Carmel Valley real estate could get a boost with a new, $1 billion proposed project.

Controversial $750 million Carmel Valley real estate project moves forward

A controversial 23-acre mixed-use Carmel Valley real estate project got the green light from the San DiegoCity Council, which recently voted to approve the controversial real estate and office building project.

The council voted 7-2 to approve the One Paseo project, an ambitious development which calls for 1.4-million square feet of office buildings, 608 condos and 198,000 square feet of retail shopping. It is one of the city’s largest development projects in years and is expected to provide a big boost to the surrounding San Diego real estate market. One Paseo is hailed as “smart growth” because it will allow people to live, work and play in the same development. Carmel Valley real estate could get a boost with a new, $1 billion proposed project.

But the project drew controversy from the start. The developer significantly pared down the project from 2.1 million-square feet originally. In September, the Carmel Valley Planning group voted 11-2 against the then $1 billion project following a three-hour public hearing and intense debate.

One Paseo no longer in jeopardy

On Monday night, the council approved the project, but not after six hours of public testimony. Opponents of the real estate in Carmel Valley development are concerned it will worsen the area’s traffic, is not close to major transportation, and the massive development on a relatively small parcel is too ambitious of a project for the suburban community of 35,000 located 20 miles north of downtown. Critics spent millions in an effort to block the project, which had been in the planning stages for six years.

Supporters point to the project’s massive size and its economic potetial in an area that has struggled with a housing shortage and a lack of affordable housing. One Paseo is expected to create 1,600 jobs, add $154 million to the economy and create thousands of construction jobs.

The developer, Kilroy Realty, plans to make 10 percent of the condos – or 60 units — subsidized for low-income housing. The Carmel Valley real estate project was pared down from $1 billion to $750 million according to figures listed in the San Diego Union Tribune. One Paseo is expected to clear the way for future dense real estate development projects in the area. The project must still be reviewed by the San Diego Planning Commission and was recently endorsed by the San Diego Regional Chamber of Commerce.

 

 

 

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