SOLANA BEACH — American Assets Trust received its second and final extension to construct a 13,000-sqaure-foot office and retail building in the Solana Beach Corporate Center.
With Councilmen Tom Campbell and Mike Nichols recused, Mayor Lesa Heebner and Councilmen Joe Kellejian and Dave Roberts granted the request at the Oct. 12 meeting.
Council initially approved the project, located on the southeast corner of Stevens Avenue and San Rodolfo Drive, in June 2008. Due to a lack of tenant demand because of poor market conditions, American Assets sought and received its first one-year extension in May 2010.
In the application for a second extension submitted in April, the company stated its intention to target potential tenants from an interest list while also preparing a request for proposals from local architectural firms to develop plans.
In its application, American Assets estimated a construction start in November; it now has until June 25, 2012, to do so.
There was no public input or council discussion other than one question from Heebner.
“You’re really going to build it, right?” she asked.
“Yes, we are,” said American Assets President John Chamberlain.
Within the city, American Assets also owns Lomas Santa Fe Plaza and Solana Beach Towne Center.
Citing the poor economy, the company received an extension in March for renovation plans for Lomas Santa Fe Plaza east of Interstate 5. That project will feature high-end shops, a two-level underground parking structure and pedestrian amenities that include outdoor seating, public art and plaza areas.
Earlier this month American Assets purchased a 1.76-acre lot on the corner of South Coast Highway 101 and Dahlia Drive for $6.85 million. Plans for that site call for a mixed-use development that will include commercial and residential buildings.
