The project site is bounded by Fifth and Sixth avenues, Laurel and Maple streets, across the street from the western gateway of Balboa Park. Park Laurel Investors, a joint venture of San Diego's RS Lawrence Development Inc. and Dallas-based CLB Partners Ltd., will develop the 96-residence Park Laurel on the Prado on the block.

Park Laurel's two- to five-bedroom residences range in size from more than 2,600 to more than 4,700 sf. Nearly 80% of the 46 condominium and townhome residences in Park Laurel's first construction phase have been sold at prices ranging from $700,000 to more than $3 million.

Nielsen Dillingham Builders, Inc. will begin construction of the first development phase of Park Laurel on the Prado later this year. Grubb & Ellis vice presidents Reg Kobzi and Joe Greeno handled both sides of the building and land sale.