Plans for the construction of a Lowe's home improvement store in Carlsbad near the McClelland-Palomar Airport keep moving forward, as San Diego-based Sudberry Properties announced that it has secured the financing to develop the property, known as the Palomar Airport Commons.
Sudberry Properties made the announcement in a statement last month, which detailed the company's successful securement of $164 million for five major projects in San Diego and Riverside counties. Among those is the Palomar Airport Commons, at the southwest corner of Palomar Airport Road and El Camino Real.
Sudberry secured $16.9 million for the local project from Bank of America. The store is expected to open next year in the late spring or summer.
The Palomar Airport Commons will be a 184,000 square-foot community shopping center, to be located where the Olympic Resort Hotel and Spa once stood.
Last year, the Carlsbad City Council approved an amendment to the General Plan for the 17-acre site area, creating a General Commercial land use designation that would allow the store to be constructed. Before that, the area had a Tourist Commercial land use designation.
An early site plan, project renderings and city documents show space for seven buildings, the largest of which is the 122,356 square-foot anchor planned for Lowe's. One of the proposed buildings would be a gas station and convenience store.
The project also includes improvements to the intersection of El Camino Real and Palomar Airport Road and a new intersection at the nearby San Diego County Animal Shelter.
It is estimated that the project will add some 200 jobs during construction and between 200 to 300 jobs when the center opens, providing increased tax revenues to the city and state.
"We are optimistic about the continued strength of the economy in our area and pleased to have major lending institutions validate that faith," Colton Sudberry, president of Sudberry Properties, said in the statement.
Mike Atkins, senior vice president and client manager for Bank of America, added in the statement that the timing is excellent for the new Lowe's center.
"Sudberry worked very hard to put together a project that is almost institutional grade in the quality of the investment," said Atkins.
Sudberry Properties made the announcement in a statement last month, which detailed the company's successful securement of $164 million for five major projects in San Diego and Riverside counties. Among those is the Palomar Airport Commons, at the southwest corner of Palomar Airport Road and El Camino Real.
Sudberry secured $16.9 million for the local project from Bank of America. The store is expected to open next year in the late spring or summer.
The Palomar Airport Commons will be a 184,000 square-foot community shopping center, to be located where the Olympic Resort Hotel and Spa once stood.
Last year, the Carlsbad City Council approved an amendment to the General Plan for the 17-acre site area, creating a General Commercial land use designation that would allow the store to be constructed. Before that, the area had a Tourist Commercial land use designation.
An early site plan, project renderings and city documents show space for seven buildings, the largest of which is the 122,356 square-foot anchor planned for Lowe's. One of the proposed buildings would be a gas station and convenience store.
The project also includes improvements to the intersection of El Camino Real and Palomar Airport Road and a new intersection at the nearby San Diego County Animal Shelter.
It is estimated that the project will add some 200 jobs during construction and between 200 to 300 jobs when the center opens, providing increased tax revenues to the city and state.
"We are optimistic about the continued strength of the economy in our area and pleased to have major lending institutions validate that faith," Colton Sudberry, president of Sudberry Properties, said in the statement.
Mike Atkins, senior vice president and client manager for Bank of America, added in the statement that the timing is excellent for the new Lowe's center.
"Sudberry worked very hard to put together a project that is almost institutional grade in the quality of the investment," said Atkins.