Watt Venture Plans 350,000-SF Project

ONTARIO, CA-An affiliate of Santa Monica-based Watt Commercial Properties called Watt/Genton Associates plans to develop 350,000 sf of retail and office space along with 300 multifamily units in a joint venture with AIG Global Real Estate Investment Corp., a subsidiary of American International Group Inc.

The joint venture has acquired 60 acres at the intersection of Milliken Avenue and Edison Avenue that will be the site of a project called Colony Court. Colony Court in turn will be part of a larger project called New Model Colony, an 8,200-acre, 35,000-home master-planned development that clusters housing near schools, commercial centers, parks and transportation.The Colony Court project, just west of the new Galena interchange on the I-15 Freeway, will consist of four distinct elements. In addition to the retail space, the office space and the multifamily units, the project will include 275 single-family homes. Colony Court will be designed as a town center with housing above retail, according to Jonathan Genton, president of Santa Monica-based Watt/Genton Associates. The first phase of development will include an approximately 150,000-sf neighborhood retail center providing a grocery store and other retailers and services to meet the daily needs of residents. Clustered around a four-acre public park and promenade will be a central mixed-use village with approximately 100 loft-style apartments built over 100,000 sf of shops, restaurants and office space plus 275 single-family cottages. Construction on the first phase is scheduled to begin by year-end 2006. No date has been set yet for construction of Phase II, which will be another mixed-use village with 200 apartments over 100,000 sf of retail and restaurants.Watt/Genton, as the general partner, is in charge of planning, design and construction for the project and is working with city agencies on the specific plan. HFF Securities LP, an affiliate of Holliday Fenoglio Fowler, arranged the joint venture between Watt/Genton Associates and AIG Global Real Estate for the land acquisition.