From the VOSD:
By the end of the year, Carmel Valley will likely know the fate of the controversial proposed mega development, One Paseo.
The $650 million project, paid for by developer Kilroy Realty, would create a dense, multi-purpose commercial and residential area in Carmel Valley, like the village centers envisioned in San Diego’s “community of villages” development concept adopted in 2008.
Located on a 23-acre parcel on the southwest corner of Del Mar Heights Road and El Camino Real, the project would establish over 1.4 million square feet of space, including 608 housing units, nearly 200,000 square feet of retail space, nearly 500,000 square feet of office space, 3,650 parking spaces and seven acres of open spaces or public outdoor areas. It includes a movie theater and bowling alley.
To compensate for the project’s effects, Kilroy has promised $20 million in funding for schools, facilities, infrastructure and city services.
Those sorts of developer fees are common with large projects, though the liability, maintenance and continued services for those improvements ultimately falls to the city. In theory, those ongoing payments would be accounted for in increased tax revenue from the project.
The project, per Kilroy’s estimate, would bring the city $1 million in annual tax revenue.
Kilroy has also produced its own report on the economic impact of the project. It projected $630 million in economic benefit, including the creation of 1,500 permanent jobs and 3,800 construction jobs.
Neither the city nor the project’s opposition has the resources to launch its own economic forecast, leaving Kilroy’s unchallenged. But Bob Fuchs, a member of the organized opposition, said those economic growth projections rely on a faulty comparison, one where no development takes place on the parcel.
Read the full article here:
Kilroy Realty Corporation will hold a One Paseo Open House on Thursday, Jan. 10, from 4-7 p.m. at the Kilroy Centre Del Mar Campus, 3579 Valley Centre Drive, #150.
Community members are invited to learn more about One Paseo, talk with the Kilroy team members and ask questions about the project. There will not be a formal presentation. Community members are welcome to arrive anytime.