Kilroy's Fight for One Paseo
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Despite recent city approval, the fight over Kilroy Realty's One Paseo isn't done. The massive project was the focus of conversation at Bisnow's 2nd Annual San Diego State of the Market event last week, and Kilroy's Jamas Gwilliam is getting frustrated.
Jamas says the community is in favor of the project, outside of a vocal minority. The $650M project would include more than 500k SF of office space, in addition to retail and residential. The drama started with a discussion with the community. From there came the pushback, which he says is being funded by a shopping center owner across the street. Now opposition is pursuing a referendum vote on the project. "They do not want to see the competition,” Jamas (middle) says.
Jamas was part of an all-star SD lineup that included Allen Matkins' Matt Marino (who moderated), Cruzan founder Dennis Cruzan, VOIT Real Estate Services' Eric Northbrook, Murphy Development's Kaitlin Murphy and Alexandria Real Estate Equities' Dan Ryan.
Dan (right) echoed Jamas' frustration at the six-year-long (and ongoing) process to get the project going, saying if it was his company attempting to develop the project, he “wouldn't get another dime” from Alexandria. “If I can't provide a really compelling reason to do an acquisition or a development in San Diego, the capital goes elsewhere.”
The economy's balance between biotech, technology and education make it attractive. Kaitlin told the more than 300 commercial real estate pros in attendance SD has the largest military concentration in the US, which is a huge asset for developers and business leaders.
The market has a lot going for it from a real estate and business perspective. Dennis (on right with Matt) says its that SoCal sun that wins, adding developers should do more to incorporate the native climate into developments.
But Eric (far left) and others say transportation is lacking in SD—namely further funding and enhancement. And maybe even San Diego's own airport, which he says is the biggest challenge. “Something needs to happen to where everybody feels comfortable getting on that transportation vehicle other than Uber.” Dennis also thinks the San Diego Trolley should be expanded to Qualcomm's campus.