SAN DIEGO – Xpera CM, a San Diego-based construction management consulting firm, announced today that construction is underway for Creekside Pointe, a long-awaited new apartment development in western Chula Vista. Valued at $20 million, this is the first multifamily project to be built in the area in 15 years.
While the Chula Vista City Council is encouraging development west of Interstate 805, there are only a few parcels that haven’t already been developed. The site at Third Avenue and L Street, across from the San Diego Country Club, was to be developed several years ago, but the original developers were unable to make the project financial viable.
In 2012, a partnership controlled by Mexico City-based consumer electronics manufacturer Diamond Electronics, acquired the 5.5-acre parcel at a distressed property sale. While the new partnership was accustomed to buying already developed multifamily complexes in such markets as San Diego, Phoenix and Seattle, this was the group’s first foray into developing a new project from the ground up. After completing design, the owners were unable to reach acceptable terms with a contractor to allow the project to move forward.
In 2015, Xpera CM was retained to provide complete construction management services and get the project back on track, beginning with rebidding the project and selecting a new general contractor.
“Fortunately we were brought on board early enough in the process to rebid the project, arrive at a contract price acceptable to the owner, and get the right team in place moving forward,” said David Pallinger, president of Xpera CM. “The Mayor and City Council have wanted to see this site developed for quite some time, and we’re pleased that we are now well on our way to making that a reality. In addition to bringing much-needed housing options to the city, this will be a true showcase project for the community’s revitalization efforts.”
The Creekside Pointe development will feature 118 market-rate residential units, including one-, two- and three-bedroom floorplans ranging from 768 to 1,414 square feet. There will be four live/work loft units and a small commercial unit, per a requirement of the City of Chula Vista. The development will also feature a park with playground, open space trails, and a resort-style pool and spa.
Chula Vista Mayor Mary Salas recently joined the Creekside project team for a small groundbreaking ceremony to commemorate the important milestone.
“I am excited that this much needed development is taking place,” said Mayor Salas. “Creekside Pointe promises to bring high-quality, family units to our west-side and with it much needed revitalization.”
The new contractor for Creekside Pointe is San Marcos-based R&R Construction, also known as Richard & Richard Construction. R&R has built such developments as Cielo Village, a 50,000-square-foot retail, restaurant and office project in Rancho Santa Fe; a 15-acre hangar development for Premier Jet in Carlsbad; and the 597-bed Quad student housing complex for California State University, San Marcos.
Creekside Pointe is a design of Rodriguez Associates Architects & Planners Inc., whose portfolio includes such properties as the Laurel Bay mixed-use development in Bankers Hill, the Millennium Townhomes in El Cajon and the Fallbrook View affordable housing development in Fallbrook.
Construction is slated for completion in Spring 2017. Funding was the project was provided by Torrey Pines Bank.
Xpera CM was founded as a company in 2014 and is closely affiliated with Xpera Group, California’s most comprehensive group of construction consultants and real estate advisors. Xpera CM provides project management services to protect owners’ interests throughout the development and construction process, with a focus on pre-construction management support.
Xpera CM recently completed the new $50 million hotel tower project at the Viejas Casino and Resort in Alpine, Calif. Other current projects include major multi-family projects in Southern California, Dallas and Denver, in addition to commercial and hospitality projects throughout the Southland.
More information about Xpera CM is available at www.xperaCM.com or by calling (858) 436-7770.