National developer JPI recently announced the close of construction financing for Jefferson Pacific Beach, scheduled to break ground this month. The mixed-use property, with luxury apartments and retail, is a $103.5 million development with bay-front views, comprising of three-levels of podium construction on a nearly three-acre site on Mission Bay Drive. For decades, the land had been home to the former Guy Hill Cadillac dealership. PCCP, LLC, a Los Angeles-based real estate finance and investment management firm, provided the construction loan. Jefferson Pacific Beach will provide 172 luxury apartment homes, and 14,000 square feet of ground floor retail and creative office space. San Diego architectural firm, Carrier Johnson + Culture, created an innovative, leading-edge design, which includes unique amenities, such as a surfboard repair/DIY station, and watersport storage space. In addition, the project includes upgrading seven existing traffic signals and the addition of one new traffic signal within the Mission Bay Drive corridor with an “adaptive traffic signalization” system. This state-of-the-art system allows real-time traffic coordination to help achieve efficient traffic flow and may relieve congestion on Mission Bay Drive. The new development will be a neighbor to the iconic flagship Rubio’s restaurant on Mission Bay Drive. Rubio’s founder, Ralph Rubio, said of the project: “Jefferson Pacific Beach will bring a fresh, community-oriented development to the Mission Bay corridor, while preserving the uniqueness of our neighborhood. I think it’s only the beginning of greater, well-deserving things to happen here.” The property is located directly adjacent to Mission Bay Park. Developed from the 1940s through the 1960s, Mission Bay Park is the largest aquatic park of its kind in the country. It consists of more than 4,600 acres in roughly equal parts land and water. Mission Bay boasts 27 miles of shoreline, 19 of which are sandy beaches with eight locations designated as official swimming areas. Annual attendance in the park is estimated at 15 million.
Councilmember Lorie Zapf said: “Jefferson Pacific Beach will be the catalyst for great improvements to the Mission Bay corridor. I look forward to watching this project break ground and offer much-needed housing in Pacific Beach.” “JPI’s Western Region is in San Diego, so it goes without saying that this project has special meaning to our team,” said Todd Bowden, senior vice president and managing development partner of JPI West. “It brings us great pride to be a part of the city’s efforts to revitalize this area of our community.” “PCCP has enjoyed a successful relationship with JPI, which has an in-depth knowledge of and experience in the local market,” said Michael Hoyt, vice president with PCCP. “We believe that this project will provide quality product in an area that has a strong demand for new development.”