Ocean Ridge Project Rises in Carlsbad Ranch

CARLSBAD, CA-The 75,000-sf Ocean Ridge office project proposed by Lowe Enterprises is currently rising in Carlsbad Ranch, as construction on the development is now under way. Completion of the three-story facility is slated for September 2005.Lowe acquired the Ocean Ridge site, which is situated on the northeast corner of Carlsbad’s Armada Drive and Fleet Street, in 2001. Construction was originally scheduled to kick off in January 2003, but was stalled due to a couple of issues. “We have been working through entitlement and design issues and waiting for some of the market fundamentals to improve in Carlsbad,” Bradley Hillgren, president of Lowe Enterprises Real Estate Group, tells GlobeSt.com. “Those fundamentals are improving as it relates to local occupancy levels and we anticipate that when we deliver this project, there will be much better market fundamentals,” Hillgren adds.The motivation to build Ocean Ridge on this particular site in Carlsbad Ranch was two-fold, as Hillgren explains to GlobeSt.com. Lowe company officials were attracted to “the continued growth in the San Diego County market, particularly the north section of the region” Hillgren says. “Second, this parcel is part of a master-planned business park and this happens to be the last available site in the area with phenomenal ocean views.” The completed building, which will stand on a four-acre, bluff-top parcel, will offer unobstructed ocean views from all three of its floors. Lowe company officials expect that Ocean Ridge will attract a range of tenants, as the facility has been designed to accommodate a wide variety of firms. In addition, Lowe believes that the facility will be able to benefit from the predicted growth of business in the area. “The Carlsbad market we see as a high growth area that has a diversified business base and residential base and has access to a variety of employees–both workers and decision makers–so we really believe that there’s going to be a lot of opportunity,” says Mike McNerney, a senior vice president with Lowe Enterprises.