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Hudson JV Plans Office Condos

CARLSBAD, CA-A joint venture of New York-based Hudson Realty Capital LLC and Scottsdale, AZ-based Biltmore Holdings LLC has plans for an office condominium project at Bressi Ranch Corporate Center.

By Daniel D. Williams | Updated on February 23, 2006

CARLSBAD, CA-The pieces continue to come together for the development of the 132-acre Bressi Ranch Corporate Center. In the latest news on the property, New York-based Hudson Realty Capital LLC and Scottsdale, AZ-based Biltmore Holdings LLC have formed a joint venture and plan to develop an office condo project.The project, which will be known as Biltmore on Bressi Ranch, will include ten single-story and two two-story buildings totaling 106,500 sf with 426 parking spaces. The units will average 8,875 sf.The 10-acre site sits at the northeast corner of El Camino Real and Gateway roads in the master planned community of Bressi Ranch, south of Palomar Airport Road.”The site is located in an exceptional location for office development in Carlsbad’s premier new master-planned business park,” says Karim M. Demirdache, director of HRC. The 132-acre mixed-use business park is being developed by Irvine-based Sares-Regis Group. Last year, development of Bressi Ranch began taking shape once the maps got the greenlight. As earlier reported on Globest.com, local stalwarts such as H.G. Fenton Co. gobbled up pieces, but outside outfits such as Minneapolis-based the Ryan Cos. and London-based Slough Estates have been active in the area as well.Ryan picked up 20.8 acres with plans for industrial condos. In the deal, Ryan paid Sares-Regis Group $17.6 million for the land. In its stake, Slough Estates acquired a 41-acre parcel, where the developer plans a 700,000-sf spec project.As for the JV, Biltmore on Bressi Ranch will be its third project together, according to Demirdache. Hudson partnered with Biltmore in an industrial condo project in Tempe, AZ, known as University Park; and an office condo project also in Tempe known as Rio Salado Office Park.

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