Escondido Housing Project Replacing Former Hospital
REAL ESTATE: Greystar Building $200M+ Marlowe Palomar Heights
By Ray Huard
ESCONDIDO – Construction is well under way on a housing project on the downtown Escondido site of the former Palomar Health hospital, which was demolished.
Marlowe Palomar Heights by Greystar, a real estate company based in South Carolina, was originally planned by Integral Communities based in Newport Beach.
Greystar took over the project in late 2021 after Integral Communities took it through permitting, said Raul Tamez, Greystar senior director of development for Southern California and Hawaii.
Tamez declined to say what Marlowe Palomar Heights will cost, but Integral Communities estimated in 2021 that it would cost more than $200 million.
As built by Greystar, Marlowe Pacific Heights is essentially the same as proposed by Integral Communities and designed by SummA Architecture based in Bonsai.
The 13.84-arce site is among the most prominent in downtown Escondido, rising from street level up a gradually sloping hill at Valley Boulevard and Grand Ave.
The project will have 258 apartments, some of which will be multi-level flats, and 162 three-story townhomes.
The project also will have 10,000 square feet of commercial space, a rooftop deck designed for a restaurant in a 75-foot-tall tower at the edge of the property.
Greystar has done a number of projects in San Diego County, including a $100 million, 20-story Bankers Hill apartment tower at 525 Olive St. that it built in partnership with St. Paul’s Episcopal Cathedral, which is adjacent to the apartment building.
Tamez said that the company is changing its focus because it’s become too expensive to build any more towers.
“Costs for high-rise construction have exceeded any other construction type to the point where rents cannot keep up with the level of construction costs,” Tamez said. “A lot of developers, Greystar being one of them, have put high-rise projects on hold.”
Marlowe Palomar Heights is an example of Greystar’s shift in focus from building urban towers to mid-rise projects, Tamez said.
https://lnkd.in/dhX628RE
#construction #commercialrealestate #development #housing #apartments #townhomes #escondido #greystar
Awesome project!!