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One of San Diego's Largest Transit-Oriented Developments Now Underway

August 08, 2019 | Joshua Ohl | CoStar

Market Stat: Holland Partner Group Breaks Ground on Mission Valley Apartments

Town and Country, an 840-unit complex, broke ground this summer. (Holland Partner Group)

In the first half of 2019, San Diego posted the fewest construction starts in a two-quarter stretch since 2011. But one groundbreaking in Mission Valley this summer almost doubled the first half total all on its own.

Holland Partner Group have broken ground on the 840-unit Town and Country residential towers. The $500 million project was carved out of 10 acres that had been part of the Town and Country resort.

Holland is also building the $275 million, 426-unit Park + Market in the East Village in Downtown San Diego which has an expected delivery date of 2020.

Development on Town and Country is anticipated to wrap up in 2023 and deliver over several phases, beginning in 2021. It is expected to consist of a mix of one-, two-, and three-bedroom units with more than half being two-bedrooms, with an amenity package similar to most new construction across the county.

Mission Valley is one of San Diego’s most active areas for apartment development. Its inventory has expanded by 13% since the recession, adding 5,000 units.

With Town and Country now underway, the under-construction pipeline accounts for 5% of total inventory in Mission Valley. That’s the highest percentage since 2014.

Once construction wraps up, Town and Country will be one of San Diego’s largest transit-oriented development, surpassing the recently completed sister communities, Hanover Mission Gorge and Hanover Mission Valley, in the Grantville neighborhood. It will be less than a quarter-mile to the transit stop at the Fashion Valley Mall.

While the TOD site could take advantage of San Diego’s loosened parking requirements, nearly 1,300 spaces have been permitted for the apartment development, a nearly 1.5 space-to-unit ratio.

Mission Valley has had little trouble absorbing the new units being built there. Leasing velocity in new construction typically tops 20 units per month. That’s the second-strongest lease up rate behind the East Village, which is closer to 25 units per month on average.

Once complete, it will be the third-largest apartment addition to San Diego since 2010. Only Casa Mira View in Mira Mesa and La Jolla Crossroads are bigger.

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