DALY CITY, CA-San Diego-based OliverMcMillan, a real estate firm that develops urban and mixed-use retail, entertainment and residential projects, has completed the acquisition of Landmark Plaza, a 95-unit, luxury mid-rise condominium project in Daly City, CA. Construction stopped last year, after the project’s developer defaulted on the construction loan.
Cathay Bank foreclosed on the property the second quarter of 2010, and OliverMcMillan purchased the property directly from Cathay Bank. Landmark Plaza, a six-story mid-rise, is located at the gateway to San Francisco on Mission Street near John Daly Boulevard in Daly City, just a short walk from the Daly City BART station and easy access to Interstate 280.
OliverMcMillan is currently reviewing all aspects of the project design and intends to transform the project with exterior and interior upgrades and additional amenities. The renovation is planned to begin in October. The company plans to open sales by the end of the year and will offer units for sale “at attractive pricing, reflecting a unique value for newly constructed, class A, private residences,” according to a prepared statement.
The company tells GlobeSt.com that the outstanding loan balance on the project was $46 million. The project commands sweeping views of the Olympic, San Francisco and Lake Merced golf courses, with 50 of the units having spectacular views of the Pacific Ocean. It offers a variety of “spacious” floor plans including one, two and three-bedroom units, one and two-story flats in the tower, and multi-level townhouses. Additionally, the project features ample secure parking and convenient access to restaurants, entertainment, parks and employment centers.
“Landmark Plaza is an attractive investment opportunity for our company, which represents a strong fit within our core focus of acquiring well-located, mixed-use, urban properties and transforming them into highly desirable properties,” says Dene Oliver, CEO of OliverMcMillan. “We are excited to work in partnership with Daly City to get this project completed and create value for the community and future residents.”
OliverMcMillan currently has several high-profile properties under development throughout the US. With $1 billion under development, the company has had success in acquiring stalled or troubled projects and transforming them into successful properties that generate value for the communities in which they are located. The company recently completed the acquisition of Pacifica, a 489 unit, 48 -story project, which was stalled in Honolulu near Ala Moana, as GlobeSt.com previously reported.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
