A development that has the potential to change the future of mixed-use projects throughout San Diego has been approved by a city council vote. The development in question is One Paseo in Carmel Valley, a 1.4 million-square-foot project that will feature office buildings, condos and retail. The project has been hailed by some as a prime example of “smart growth,” allowing residents to work, live and play all within one dense area without having to disturb other uninhabited areas by expanding the current urban sprawl.
“The concept of live, work, play and shop — these are the communities of the future,” said Councilwoman Lorie Zapf, to U-T San Diego. “I think we all agree we can’t have urban sprawl.”
The road to approval has not been easy for the project, however. Last year area residents and council members launched a campaign against the project, citing already heightened congestion in the area. There is no doubt that there is a need for residential development for the 23-acre area of land that is slated to be home to One Paseo, but many are saying the plans are simply too ambitious. On the flip side, supporters of the project think now is the time to build dense projects, especially as a measure that will help to preserve rural areas.
“One Paseo is the right project at the right time and in the right place for our city,” said Marcela Escobar-Eck, a land use consultant and former city planner who helped design the project who spoke to U-T San Diego.
One Paseo Could Ease San Diego Inventory Concerns
A large part of the evolving project is providing middle class housing via condos, which is something that has been greatly needed to spur the local housing market for some time now. Since the Great Recession, middle-class home buyers have been struggling to keep up with the swiftly rising values of homes in San Diego.
One of the strongest factors that has spurred home appreciation is the limited amount of inventory. Altos Research, a California-based real estate analytics company, reports there are about 1,467 properties on the market in San Diego currently, which is quite low given the high demand for homes from buyers. The One Paseo project hopes to boost residency with 608 condos for a class of home buyer that has been sorely missed on the housing market this year.
In addition to an increase of homes, One Paseo could also create a surge for the local economy. The construction of the development itself could provide 3,800 jobs over the next few years while the businesses created and housed by the development could employ approximately 1,600 people permanently. An added bonus is the expected $154 million economic impact One Paseo could have along with increased property tax revenue and sales tax revenue.
If you are looking for the perfect luxury San Diego home, please don’t hesitate to contact our team today. We’re familiar all aspects of this great community and would love to assist you.