Laurus Corporation Signs Development Agreement for Mixed-Use Site in San Diego
LOS ANGELES, June 19 /PRNewswire/ -- Laurus Corporation has signed a development agreement with La Jolla Pacific Development Group, of San Diego, CA, to secure equity, construction financing, conceptual design, and marketing for a unique mixed-use development site. This site features 58 upscale full-service condominium residences, 12,000 square feet of exclusive retail, and an income producing parking facility in San Diego's popular and trendy Hillcrest. (Logo: http://www.newscom.com/cgi-bin/prnh/20061212/LAURUSLOGO) The $100+ million city approved and entitled development located at the intersection of University Avenue and 3rd Street will rise 12-stories (residences start on the 4th floor) providing magnificent unobstructed views of the San Diego Bay to the north and west, Balboa Park to the east and city and downtown to the South. As one of San Diego's premier addresses, the property is surrounded by an artistic community, a vibrant nightlife, popular restaurants, and charming retail shops. The pedestrian friendly neighborhood generates a true sense of community and the environment is an inviting fusion of urban lifestyle and substance. The building design remains true to the neighborhood and emphasizes resort-style living amenities that begin with valet parking, an energized lobby, concierge services, and a 5th floor indoor-outdoor entertainment deck with a terrace embracing pool, intimate cabanas and sundeck, an expansive outdoor lounge with fireplace, barbeques, and nicely built seating areas to enjoy the formidable views and lifestyle. Indoors, residents are treated to a complete theatre-media room, fully equipped business center and board room, a large state-of-the-art fitness center, and a Great Room to host catering events and community brunch. The residences offer warm and versatile settings, including one, two, three, and four bedroom units, ranging from 2,100 square feet to the 5,200 square foot 12th floor penthouses. Decorated with rich hues and elegant wood cabinetry, fine wood flooring, wall-to-wall carpeting in the bedrooms, premium kitchens and designer bathrooms, the units are expected to sell at an average of $785 per square foot. It is anticipated that the project will take approximately 36 months to complete and sell out, providing investors an approximate annual ROI of 30.30% (90.91% total). Equity for the project will be contributed through institutional and private investors. Laurus Corporation is a boutique-style domestic and international real estate development company that focuses on first-tier real estate markets and resort destinations. Laurus concentrates on upscale mixed-use, multi-family, master plan communities, golf courses as well as full-service hotels and resorts. The company coordinates activities and converts ideas from paper into reality. It creates, manages, and orchestrates partnerships while assembling the process of development from beginning to end.
SOURCE Laurus Corporation
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