October 31, 2006
La Mesa, California/October 31, 2006 — Fairfield Residential has executed a long term land lease with the Metropolitan Transit Service (MTS), and will soon break ground on "a development that will contain 527 apartment units with support commercial; 80 units are to be set aside as affordable housing. The property is located on the east side of Fletcher Parkway, and is currently utilized as a parking lot for the Grossmont Trolley Station. Grossmont Center Drive bisects the property, with Grossmont Center above and adjacent to the property.
Fairfield Residential is one of the largest and most respected apartment builders in the nation, and over the past 3 years, Fairfield negotiated its lease with the MTS, acquired the necessary approvals for the development from the City of La Mesa, and has completed all engineering and architecture. The development is ready to go, and Fairfield expects to begin site improvements within 60 days. The development will consist of six buildings with up to 4 stories over two levels of structured parking, and will be constructed in two phases. The structured parking was designed to not only provide parking for the exclusive use of residents, but will also provide 600 spaces for trolley passengers.
Mr. Scott Goligoski of GW Realty Company introduced Fairfield to the opportunity in early 2003, when a venture between Saris Regis and The Olson Co. elected to discontinue negotiations with the Ciyt of La Mesa and the MTS. The City of La Mesa and the MTS had issued a Request for Qualifications and a Request for Proposals to the public in an effort to find an acceptable concept and partner; Fairfield successfully navigated this process, and is now in position to build what is sure to become a model for future Transit Oriented Developments throughout Southern California.
Mr. Goligoski's focus is predominantly in the County of San Diego where he targets under-utilized properties which make sense for redevelopment. To discuss this project or other infill opportunities in San Diego County, Mr. Goligoski can be contacted at (858) 622-7171, scottg@dirtdeals.com
GW Realty Co. specializes in real estate brokerage and valuation consulting with an emphasis in residential land throughout Southern California, and has been involved in over $1.8 billion in transactions since 1993. A non-traditional real estate firm, GW Realty Co. concentrates their efforts on key relationships with a select group of clients and properties.