The development is going up on Fifth Avenue between J Street and Island Avenue in the city's Gaslamp Quarter National Historic District. The parcel, which Champion purchased in April 1998, is actually one of the last developable sites here.

To be built in two phases, Gaslamp Square is scheduled for completion in fall 2004. At build-out, the 280,000-sf project will consist of 208 luxury rental residences, 65,000 sf of commercial space and 560 subterranean parking spaces. The residential component will include a mix of studios, one- and two-bedroom units, as well as one-bedroom/loft and two-bedroom/loft units. It will also feature a 12,000-sf open-air courtyard, swimming pool, spa and barbecue.

On the retail side, Champion has already completed negotiations with Minneapolis, MN-based Parasole Restaurant Holdings to open the Southland's first Oceanaire Seafood Room in a 10,000-sf space at Gaslamp Square.

The completed project is expected to generate around $900,000 yearly in additional property tax increments, according to Champion Development Group. The company also estimates that more than $400,000 in annual sales taxes will be generated from Gaslamp Square's retail sector, which will create at least 150 new full-time jobs.