C.W. Clark Inc., the moving force behind the largest new commercial development in downtown Escondido, Calif., in more than two decades, has secured a financing package of approximately $20 million has been secured for the project, called Gateway Center. MM&S Investments Corporation will provide $15.375 million while C.W. Clark Inc. contributes $4.4 million.
The formal groundbreaking is set for April 29 on the 115,000 square feet of retail and office space in Gateway Center, located at the northwest corner of Tulip Street and West Valley Parkway. Clark said the center already has signed leases for more than 64 percent of that space, including one of the largest Barnes & Noble stores in the region (25,000 square feet), and Michael's Arts & Crafts (23,500 square feet).
'The enthusiasm of the community and the quality of the tenants says a great deal about this project's bright prospects,' said Craig Clark, president and chairman of C.W. Clark, Inc. 'I've been working on this deal for three years, and today's announcement is more than the culmination of all that effort. I think it gives additional momentum to Escondido's efforts to recruit new businesses to the downtown area and provide more services for its residents'
Other leasing commitments at Gateway Center include:
Rancho Santa Fe National Bank
San Diego Union-Tribune North County Office
Escondido Dental Group
Nail Lacquer Nail Salon
'I'm excited about the broad vote of confidence in Escondido's future that Gateway Center represents,' said Mayor Lori Pfeiler. 'Last year, we attracted two new museums to our downtown and garnered awards for neighborhood improvement projects. The Gateway Center development will incorporate needed high quality office space and pedestrian access to the Transit Center.'
Gateway Center's grand opening is slated for January or February 2003, although some shops will be in operation by the end of 2002. The development also includes a 28,500-sq.-ft. Class A office building, and plans call for relocating the Welcome to Escondido art feature and completing landscaping along West Valley Parkway and Tulip.
R.G. Petty is the contractor on the project. Ron Wilson of C.W. Clark, Inc. is the leasing agent for the office building.