By Ray Huard
July 29, 2024
REAL ESTATE: $510M West Finished, $440M The Torrey Project Coming Next
SAN DIEGO – Holland Partner Group has finished construction of the $510 million West tower on the site of the former San Diego County courthouse and is building a companion $440 million tower, The Torrey.
Holland Partner Group is also planning a third development on a site bookended on both sides by West and The Torrey.
“These plans have not yet been finalized and we are working internally to study development options, given the capital markets and macroeconomic landscape,” said Brent Schertzer, managing director of Holland Partner Group.
With 450 apartments in a 35-story tower, The Torrey will have a 42,000-square-foot Whole Foods Market on the ground floor at Front and Ash Streets with its own two-story subterranean parking garage beneath it.
“The ground floor was designed specifically for Whole Foods,” Schertzer said. “It’s not very often that a new grocery store comes downtown.”
The apartments and a six-level story parking garage for building residents in The Torrey will be on top of the supermarket.
In an unusual design, the parking garage will have apartments wrapped around it, so it won’t be visible from the street.
The apartments will be a mix of studio, one-bedroom, two-bedroom, and three-bedroom apartments, Schertzer said.
Named for the Torrey Pine tree native to San Diego, The Torrey is slated for completion in 2026.
Blurring Lines
West at 1011 Union Street is a first for downtown San Diego, combining a mix of 431 apartments, 289,000 square feet of office space, and 10,000 square feet of retail space in the same building.
“Our goal has always been to develop a unique, one-of-a-kind ecosystem of apartments, office, and retail,” Schertzer said.
Calling West “a clear example of the future of vertical mixed-use development,” Schertzer said, “We’re really trying to blur the lines between a purely residential or purely office building and create this real hospitality feel and the retail is meant to help us achieve that, the way it’s designed and integrated into the building.”
SANDAG (San Diego Association of Governments) in September signed a lease for 87,000 square feet of the office space in West, and in late July, HNTB Corp. leased 17,000 square feet of the office space in West and HDR Engineering leased 9,000 square feet of the office space.
“While the downtown San Diego office leasing market has been slow to rebound like many markets, we have seen interest from companies looking to relocate to high-quality buildings with high-end amenities as well as premier onsite food and beverage options,” said Richard Gonor, executive vice president of JLL, which is handling leasing of office space in West.
Designed by Carrier Johnson + Culture, with Holland Construction as the general contractor, West has 40,000-square-foot floor plates, floor-to-ceiling glass and outdoor balconies.
Schertzer said that a portion of the ground floor of West at the corner of Broadway and Front Street, 2,100 square feet, has been leased to a restaurant group, but he declined to say who it is.
“We have approximately 8,000 square feet of retail space remaining, which we are currently in active negotiations on,” Schertzer said.
Apartments in West have just recently become available for lease, and Schertzer said that interest has been strong.
“We’ve had a lot of interest on the residential side because it’s just a few blocks from where people work,” Schertzer said. “Theoretically, people could work in the building and live in the building. The retail adds that extra convenience.”
The apartments are stacked on top of the offices, which take up the first eight levels, separated by a ninth-floor deck with a variety of amenities including an indoor/outdoor gym, meeting spaces, and a dog run. The amenities are shared by residents and office workers.
West has a wide, landscaped setback along Union Street that will carry through The Torrey and the future project between West and The Torrey.
“We’re essentially creating a three-block pedestrian paseo along each of the projects,” Schertzer said, tying in with city plans to turn Union Street into a green street.
“We’re the first new projects to really kick that off,” Schertzer said.
Combined, West, The Torrey and the adjacent project is meant to give their portion of downtown “a new direction,” Schertzer said.
Holland Partner Group
FOUNDED: 2000
CEO: Clyde Holland
HEADQUARTERS: Vancouver, Washington
BUSINESS: Commercial real estate development
EMPLOYEES: 750+
WEBSITE: www.hollandpartnersgroup.com
CONTACT: 562-285-5300
NOTABLE: Holland Partner Group’s investments in multi-family development, redevelopment and mixed-use assets represent more than $17 billion in transactions.
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