John Pedroarena of Coldwell Banker Commercial has been an active participant in the redevelopment of San Diego's City Heights area over the last five years. Recently, he represented San Diego Revitalization Corp. (SDRC) in their sale of the Metro Career Center building at 3910 University Ave. to BR Workforce LLC for a total consideration of $22 million.
The only tenant of the Metro building, San Diego Workforce Partnership, signed a 30-year lease for the 82,236-square-foot building and relocated to Mid-City from downtown.
The Metro Career Center offers the Mid-City community training services in six different languages, including career planning, resume writing, interview skills, job location and specialty workshops.
Pedroarena's relationship with the SDRC moves well beyond representation for this commercial property deal, as the two both feel strongly about providing the area with new and affordable housing, mixed-use, commercial and retail space.
Most importantly, the demand is starting to rise, meaning the last 10 years of revitalization in the Mid-City communities are now beginning to pay off. In addition to the desirability of the real estate, crime rates have dropped, test scores have risen and more programs to help community members have been instated.
"I enjoy being involved in this type of movement and using my broker trade in a way that helps the mission of revitalization," Pedroarena said.
The philosophy behind the revitalization is that private development saw a risk in getting involved to help rebound this depressed area until Sol Price stepped in and took away the risk by investing in the redevelopment.
Once the projects are complete, there will be a total of $500 million invested from both public and private sectors. Over the next five years, 2,248 housing units, 357,000 square feet of commercial space and four new elementary schools will be built in the Mid-City area.
"We view all the recent private investment as a sign of success in the Mid-City revitalization efforts," said Matt Hervey of the SDRC. "The San Diego Revitalization Corporation strives to be a catalyst for improvement not only in construction, but also in programs to aid community members."
SDRC is also involved in the upcoming City Heights Square, a $70 million project on University Avenue consisting of 80,000 square feet of office space, 148 senior housing units and a 26,000-square-foot medical clinic.
Pedroarena has also branched out to the development side of the industry on The Boulevard mixed-use urban development taking place along El Cajon Boulevard and Interstate 15.
Coldwell Banker Commercial Offices:
? North County Properties, Carlsbad (760) 602-4800
? Towne Centre, La Jolla (858) 453-9990
? Temecula, South Riverside (909) 296-9800
? South Bay, Los Angeles (562) 493-8200
Submitted by Coldwell Banker Commercial