Old Kmart site sold; mixed use proposed
S.D. developer buys Escondido property
Union Tribune
By Craig Gustafson
STAFF WRITER
Jan. 8, 2005
ESCONDIDO – Vacant for nearly two years, the former Kmart site on West Mission Avenue may be transformed into a residential and commercial development under new owners.
San Diego-based American National Investments purchased the 19-acre property and is planning a complex on the downtown parcel, near state Route 78 and Interstate 15.
"It's kind of a signature property right there," said Michael Riese, American's director of development and acquisitions. "Our goal is to create a high-quality mixed-use project."
Still early in the planning stages, Riese said, the project would likely include a mixture of row homes and condominiums alongside "neighborhood-type" retail shops. It hasn't been determined whether the residential units would sell at market-rate prices or be part of the city's affordable-housing efforts.
No timetable has been established for the project. "Our goal is quality over speed," Riese said.
The developer met with City Council members this week to discuss its options. Riese said he plans to work closely with the council to create a project that will be embraced by the community.
Councilman Sam Abed said the project's concept has two key ingredients: mixed-use and home ownership.
"It is a very prime location, sizable lot that has a strong synergy to downtown and also to the freeways," Abed said. "So I'd like to really raise the standards as much as we can in having a quality project. What I have seen is a quality project."
The site had been one of five under consideration for a new $531 million hospital Palomar Pomerado Health will build to replace Palomar Medical Center.
But Maria Bowman, an Escondido real estate agent who brokered the sale, said hospital officials made it clear the site wouldn't work for their plans.
"We have not spoken to the hospital," Riese said. "That was not an initial consideration."
Riese, who said the developer closed escrow on the property Thursday, would not disclose how much it paid a family trust for the site.
Escondido's Big K was one of 326 stores closed by Kmart in early 2003 to trim costs and allow the company to emerge from bankruptcy.
American National Investments also plans to finalize its purchase of a nearby site in the next 60 days. The 1-acre parcel at 439 W. Washington Ave. now houses the Fireside Restaurant.
Riese said the developer is looking at several options for that site, including residential and possibly retail use. Any project, however, would likely require demolishing the Fireside, he said.
On Wednesday, the City Council unanimously approved an amendment to the Downtown Specific Plan to pave the way for just such a project.
Craig Gustafson: (760) 737-7559; craig.gustafson@uniontrib.com
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