Development Seen As Important for Downtown Rejuvenation in Escondido, California
By Lou Hirsh CoStar News
August 9, 2021 | 3:53 P.M.
Developer Integral Communities has started demolition of a closed hospital that is set to be replaced by a new mixed-use project that some say is crucial to the revival of downtown Escondido, California, near San Diego.
The developer on Aug. 6 began dismantling a 68-year-old hospital that closed six years ago after operator Palomar Health relocated operations to another site in Escondido, San Diego County’s fourth-most populous city. Integral’s plans for its new 14-acre project at 555 E. Valley Parkway, called Palomar Heights, include 510 residential units, as well as rental and for-sale housing, with 10,000 square feet of retail and office space in a total of four buildings.
The project received final city approvals earlier this year after several years of planning. The first residential units are expected to be completed in 2023, though new construction won’t begin until after the hospital is dismantled and removed in a process expected to take several months.
“Palomar Heights will deliver a variety of housing types to meet the needs of a diverse population and bring new residents and liveliness to downtown Escondido,” said Lance Waite, principal with Encinitas, California-based Integral Communities, in a statement.
Retail and office tenants have not been announced. The residential mix is planned to include 258 market-rate apartments, 90 senior apartments and 162 for-sale townhouses. The developer is also planning a retail farmer’s market, collaborative shared office spaces, a dog park, recreational amenities and a “Sky Lounge” bar and restaurant.
The developers and city officials envision Palomar Heights, among several other projects in development, as potential catalysts to bring new business life to the neighborhood since the closing of the hospital, which has several older retail and office buildings nearby. Consultants for the developer estimate the downtown project will create $11.8 million in new annual taxable spending and create 272 permanent jobs.
CoStar data shows the apartment market in northeastern San Diego County, including Escondido, has tightened considerably in the past year amid limited new construction. Just one apartment project with 127 units was delivered in Escondido, and that area’s vacancy rate is now 1.1%, down 3 percentage points from a year ago.
All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The owner of will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information.
Keywords: San Diego Commercial Real Estate For Sale, Commercial Property In San Diego, Commercial Real Estate In San Diego, San Diego Investment Real Estate, Commercial Property Management In San Diego, San Diego Commercial Property Management, Commercial Property Management San Diego, Managed Commercial Property San Diego, Commercial Property For Sale San Diego, San Diego Commercial Real Estate Leasing, Top Real Estate Agents in San Diego, Commercial Property in San Diego, Property Management Company San Diego, Real Estate Agent in San Diego, San Diego Commercial Real Estate Real Estate Agent Contact Us Brokerage, Property Management
