Ownership Changes & Uncertainty For Condo Projects In Downtown Escondido
September 21st, 2008 Categories: Brookside Escondido, Escondido, Real Estate News
Things have certainly changed for city planners and those who envisioned a vibrant new “downtown” in Escondido. Just a couple of years ago, plans were made and buildings started going up for three projects whose new residents would provide a much needed shot in the arm for downtown merchants.
The most ambitious project, Paramount by D.R. Horton, had been under construction for nine months when four of the five buildings burned to the ground in January 2007. Paramount was to be 122 units on over four acres near Washington 
Avenue on Escondido Boulevard. It was the centerpiece to the city’s new urban plan. The county assessor’s office has now reported this past Wednesday the sale of 501 and 511 N. Escondido Blvd, the addresses of Paramount.
While the sale didn’t really catch us by surprise, I think the sale price did. The record shows that D.R. Horton sold the properties for a price of $4.4 million, which is a far cry from the $17.5 million that they paid for it in 2005!
The new owners are Lyon Capitol Ventures of Newport Beach. Peter Zak, one of Lyon’s project managers was quoted in the San Diego Union Tribune saying his company “may finish building the 92 remaining units” that Paramount was approved for.
Another development that’s only partially completed is City Square, by Carlsbad based Barrett American. So far, only 18 units out of a planned 102 on have been completed. The 3.6 acres on Second Avenue now has lots of weeds growing on the land adjacent to the completed units, but the project in now in receivership.
Venue was the third project in Escondido and approved for 82 units next to Paramount, and was also sold for only $1.14 million. D.R. Horton paid $3 million for this one in 2005.
City officials are now discussing what to do about the projects. There is no simple solution; it’s part of the national real estate downturn and developers are struggling. As residents, we hope for answers and look forward to the possiblity of a new Marriott Hotel downtown, along with the new Palomar Medical Center and Escondido Research and Technology Center.
Meanwhile, downtown continues to see vacant storefronts and limited foot traffic.
Tags: Brookside Escondido, city square in escondido, escondido condo developments, Escondido Real Estate, Homes for sale in Escondido, the paramount, venue
