NNC has recently unveiled the design of the project, known as Rio San Diego Plaza II, which is slated to rise on a 4.5-acre parcel located on Friars Road at the corner of Rio San Diego Drive. Valued at $4.1 million, the parcel has been contributed by Scripps Mission Valley Office Park LLC, which has formed a new venture with Newport National.
The Newport National and Scripps venture, known as Rio San Diego Plaza II LLC, has joined forces with the Buchanan Fund III LLC to create Rio San Diego Plaza II Master LLC, which is the entity associated with the development of the new office facility.
Designed by Ron Gross and George Campos of Nadel Architects Inc., Rio San Diego Plaza II will feature an exterior composed of sandstone, reflective glass and aluminum. The interior has been designed to house a two-story atrium lobby featuring polished marble, imported fabrics, stainless steel and cherry wood. The facility has been planned to encompass a total of 73,100 sf, with average floor plates measuring approximately 24,000 sf, according to Patrick Rohan of Burnham Real Estate. Rohan, along with Burnham colleague Jim Laing, is coordinating leasing efforts here. Site amenities will include a parking ratio of 4:1,000, two ponds, cascading waterfalls, tropical plants and patios. Teshima Design Group is the landscape architect.
Construction of the project is slated to commence in July 2004, with Ledcor Petty acting as the general contractor and Meracon as the construction manager. First Bank is providing the construction financing. May 2005 is the anticipated completion date.
In developing Rio San Diego Plaza II, NNC is particularly enthused about the state of the Mission Valley office sector. The firm's president, Scott Brussea, calls Mission Valley a "supply-constrained, mature market." According to a recent report by Burnham Real Estate Services, Mission Valley experienced an annual net absorption of 76,859 sf, with fourth quarter's 67,341 sf of activity largely responsible for this figure. The submarket reported a vacancy rate of 6.3% for the fourth quarter of 2003, the Burnham research notes.
Upon completion, NNC's project will form the second phase of the Rio San Diego Plaza office park, which is currently comprised of just one building. Built in 2001, that first facility encompasses 189,506 sf and is presently 92% leased.
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