ESCONDIDO — Another industrial development is moving forward.
La Jolla-based Badiee Development is preparing to establish the Escondido Innovation Park, which is in proximity to another Badiee project, the Escondido Victory Park.
The Escondido Innovation Park project is on a 5.7-acre parcel and features three buildings with a combined 86,010-square feet for multi-tenant use and includes 132 parking spaces, according CEO Ben Badiee.
These are the first significant industrial developments in the city in about 10 years.
Its focus, according to the developer, is targeting warehousing, manufacturing and distribution, which will be located at 1925 Harmony Grove.
In addition, he said this project focuses on small businesses and start-ups that do not have the financial resources for larger facilities. Badiee added if a tenant wants to combine spaces to ensure more room, it is an option.
“The reason we did the second project … we only have four individual spaces for small operators,” he said. “This was for 2,000 to 8,000-square feet and there was nothing available. The only other option was redeveloping older buildings. They are older, lower ceilings and not much of an image.”
Badiee said the lack of available land to develop also made the two locations for these projects attractive. He said his company negotiated with the seller for more than one year to purchase the land.
As for new development, he said image is important to new or smaller industries as they become more successful in the future.
“There are many more industries that are out there that want that image, they want newer buildings,” Badiee explained. “It’s in a great location. It accommodates tenants ranging from 2,000 to 8,000-square feet. Someone can combine the suites. It provides a tremendous amount of flexibility for our tenants.”
The multi-use function, meanwhile, allows flexibility for tenants and will serve them for decades.
Badiee said he expects to break ground in March or April with the project completed before the end of 2017. The company will also be the leaseholder.
“Our company’s intention is to build brand new products for tenants who want to remain our tenants for many, many years to come,” he added. “These industrial buildings, once you build them, they will last forever.”
As for the city, Escondido Management Analyst Michelle Geller said it is another welcomed project.
“We are super excited that it has expanded to what it has,” she said. “It’s the same type of uses.”
Land availability in Escondido, after the announcement of this project, dips to about 24 acres. The vacancy rate, Geller said, hovers between 1 to 2 percent.
“Anything that opens up the inventory a little more is big for us,” she added. “When we have a new project where there was nothing before, that is huge for us.”
Badiee’s other major project in the city, meanwhile, is the first expansive development in a decade.
The Escondido Victory Industrial Park, located at 2005 Harmony Grove Rd., calls for 91,00 square-feet of light industrial in two buildings on 5.24 acres.
Badiee Development began the process last year, purchased the land for about $1.3 million and the $13.5 million construction project is expected to be finished by October 2017.