Kilroy Realty Breaks Ground on One Paseo
Posted on Jan. 27, 2017
One Paseo, a mixed-use development bringing shops, restaurants, apartments, office, and public plazas to Carmel Valley at Del Mar Heights Road and El Camino Real, celebrated its groundbreaking ceremony on January 25. The ceremony was held at The Heights Del Mar campus, located directly south of the One Paseo project site. San Diego’s Mayor Kevin Faulconer and Kilroy Senior Vice President Nelson Ackerly expressed the commitment to the community that One Paseo represents, the dynamics of the project, and the broader significance One Paseo will bring to the region.
“We are honored to start construction on this one-of-a-kind project,” said Nelson Ackerly, Senior Vice President of Kilroy Realty. “Having worked so hard with the community, we are excited to bring our shared vision to life. One Paseo embodies a promise to transform this prime property into a community-gathering, go-to destination.”
The project is comprised of approximately 1.1 million square feet and will be built in phases. The first phase includes constructing 95,871 square feet of retail space and starting the apartment homes. At completion, One Paseo will include 95,871 square feet of carefully curated retailers, 280,000 square feet of Class-A office and 608 multi-family apartment homes. As part of its promise to the community, Kilroy has committed to build 61 affordable housing units on-site at 65% AMI. The retail and restaurants are scheduled to open mid-to-late 2018, and the apartments and offices early-to-mid 2019.
The total development investment is approximately $660 million.
One Paseo is designed as a live-work-play environment — a thoughtful mixed-use experience that integrates tailored retail with an innovative office environment and modern, luxurious apartments all within one walkable site. Plans for the public spaces include curating a venue for recurring community programs such as farmer’s markets, outdoor concerts, art walks and other social events. The public plazas that flow through One Paseo offer a comfortable blend of tree-lined environments that include designated family areas and park-like experiences.
“One Paseo will create a spirit of community that even if you don’t live or work there, it invites you to meet up, hang out and join in,” said Nelson Ackerly. “For us, it’s not just about what’s in the buildings but what happens in between.”