Developers unveil scaled down version of proposed Carmel Valley real estate project
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Developers unveil scaled down version of proposed Carmel Valley real estate project

After years of heavy community opposition and backlash, developers of the  proposed $1 billion One Paseo Carmel Valley real estate project recently unveiled a downsized plan to build homes, retail stores and office space.

The new, smaller development would include about 25 percent less total development overall – from 1.45 million square feet to 1.1 million for the total project. It would still include office space, retail and more than 600 condos and apartments, but is scaled down; office square footage would shrink from 493,000 square feet to 280,000 square feet; retail space would shrink from 199,000 square feet to 95,000 square feet of real estate in Carmel Valley. Carmel Valley real estate could get a boost with a new, $1 billion proposed project.

Developers are trying to soothe concerns about traffic, among other things, associated with the proposed development. The mixed-use project faced a community referendum in the spring and has battled its share of opposition. Now, with the smaller size, developers are hoping to at least quiet one of the opponents’ biggest fears – traffic.

The smaller size would call for an estimated 14,000 vehicle trips a day – down from 24,000 vehicle trips previously. Congestion was a major concern, because it would have allotted for more vehicle trips per day than housing units of the same size in a largely suburban area of 35,000 just 20 miles outside of San Diego. There were also concerns about building on a relatively small parcel size.

Carmel Valley real estate‘s proposed $1 billion development

Developers submitted a scaled-down proposal during a planning board meeting on August 19. The proposed project could have faced a public vote, after opponents gathered enough signatures to block the City Council’s approval of the development in February. It is not a done deal; it still faces approval by the city council, expected for consideration in early 2016. Real estate developers are closely watching,  because if approved, it could spur additional denser developments in suburban San Diego, including Carmel Valley real estate.

One Paseo was first proposed in 2008. The 23-acre mixed use development originally called for nine-story office buildings and a regional shopping center. Supporters hoped the project would help remedy the area’s severe housing shortage and serve as a test case for ‘smart growth’ in San Diego real estate, but has been in jeopardy for months.

 

 

 

 

 

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