CLB Partners Ltd. of Dallas has joined with San Diego-based RS Lawrence Development Inc. in forming Park Laurel Investors, a joint venture for the purposes of developing Park Laurel on the Prado. Construction of the luxury development is scheduled to begin this fall at Sixth Avenue and Laurel Street, just across the street from the western gateway of the park.
CLB Partners specializes in construction of multifamily residential projects on infill parcels, says Robert S. Lawrence, president of RS Lawrence Development. Real estate veterans Richard Bloch and Will Cureton, who had worked together for more than 10 years, formed the firm in 1997. Bloch served as chairman and Cureton as and chief operating officer of Dallas-based Columbus Realty Trust.
Cureton, a former collegiate and professional football player with the Cleveland Browns, says San Diego is a prime location for its urban infill housing over the next several years. His company has completed several luxury projects in the Dallas and Houston areas.
"We had an instant sense of love for the Park Laurel location, which is as good as it gets, combined with confidence in the design and all the outstanding work that Bob Lawrence has done to date," he says.
The twin 14-story Park Laurel will include 94 residences, including seven multistory townhomes along Sixth Avenue facing Balboa Park and 87 condos.
This fall, San Diego-based Nielsen Dillingham Builders Inc. is scheduled to begin the 14-month construction of the first phase, which will include subterranean parking and some grade-level retail space along Fifth Avenue and Maple Street.
More than 70% of the 46 residences in Park Laurel's first construction phase have been reserved. Prices will range from the $800,000s to about $3 million.
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