American National Investments, Inc. (ANI) tied up the Fireside Restaurant property in the City of Escondido in August 2004. The property was adjacent to, but NOT included in, the city’s Residential Overlay Area for downtown. Zoned for solely commercial use, ANI processed an expedited Specific Plan Amendment to allow for up to 100 residential units per acre, the highest density allowable in the city. Upon completion of entitlements, the property was sold to DR Horton, who is currently processing a 5 story project with approx. 82 residential condominium units with no commercial.
Keys to this project's success are:
Strong relationship with city staff and council, gaining unanimous planning commission approval
Ability to dissuade city staff and council as to the commercial viability of the site
Knowledge of the City of Escondido entitlement process
Flexible escrow with ability to secure extensions to close of escrow
Relationships with large builders
Escondido is located 30 miles Northeast of downtown San Diego. Known for its warm climate, historic architecture, booming population, family-friendly amenities and visitor attractions such as the San Diego Wild Animal Park, Escondido has experienced one of the highest rates of appreciation over the past several years. Found within the Downtown Revitalization Area, the subject property is ideal for a high to very-high density condominium project.
