$80 Million Luxury Office and Retail Project Opens

CHULA VISTA, CA – Chula Vista business and civic leaders today celebrated the grand opening of the first phase of the highly anticipated Gateway Chula Vista business and retail center.  The $80 million, multi-use commercial complex is the culmination of years of planning and is the centerpiece of a renaissance underway in Chula Vista’s central business corridor.  It is expected to boost the Chula Vista economy through the generation of an estimated 1,200 new jobs and $86,000 a year in sales tax revenue.A joint project of Gateway Chula Vista, LLC, a collaboration of experienced real estate developers, and the City of Chula Vista’s Redevelopment Agency, the 346,000 square foot complex is the first major development in Chula Vista’s historic downtown area in almost 20 years. The three-phase complex, twice the size of Chula Vista’s current largest office building, will consist of one five-story and two six-story luxury office and retail structures.  The completed first phase of Gateway Chula Vista features 102,259 rentable square feet of office and retail space.  The structure offers all of the modern amenities characteristic of Class “A” buildings: high-speed fiber optic Internet access, superior security, and professional on-site management and concierge services. The facade of the complex is constructed of several varieties of stone including marble and granite, and is reminiscent of elegant European design and composition.  The second and third phases of the project, representing a total of 240,000 rentable square feet, are currently in the planning stages and scheduled to break ground in Fall 2002 and Summer 2003 respectively.Serving as the Southern entrance to the historic heart of Chula Vista, Gateway Chula Vista offers attractive luxury retail and office space in a region with tremendous growth potential – of particular interest for companies looking to relocate or in search of an alternative to the high-end, yet congested, office hubs of Downtown, UTC and Sorrento Valley.   “Gateway Chula Vista would not have been accomplished without the steadfast commitment and support of the City of Chula Vista and partners of Gateway Chula Vista, LLC,” said Jim Pieri, President of Mountain West Real Estate and a development partner.  “They have been instrumental in making Gateway Chula Vista come to life and in fostering the positive revival of the downtown district.”Gateway Chula Vista is part of the City of Chula Vista’s ongoing efforts to revitalize the downtown community.  The City has committed to invest up to $7.3 million for the development of the project and plans to initialize other efforts to further rejuvenate the area, including road reconstruction, $700,000 in streetscape improvements and matching grant programs to upgrade facades and business roadside signage.  A number of other redevelopment and urban infill projects are in progress or on the drawing boards for Chula Vista’s downtown and bayfront districts including a $63 million Police Headquarters facility at the corner of Fourth Avenue and F Street; the proposed “Bayfront Village” development on Chula Vista’s waterfront; the “Transit Village” housing development near the E Street transportation hub; and a new mixed-use project set to be developed on 760 Broadway.“The opening of Gateway Chula Vista highlights the continued strong growth of Chula Vista’s economic base,” said Mayor Shirley Horton. “Chula Vista’s smart growth policies promote a healthy balance of commercial and residential development in our redevelopment project areas and throughout the city.”The first phase of Gateway Chula Vista has already attracted a wide range of professional and retail tenants including American Water Works Service Company; San Diego County Credit Union; Quizno’s; Health Care International, a division of SIMNSA Health Care, Inc.; Starbucks Coffee House; Town Pa Ma Express; External Images; Global Fax Network; Chiyoda Integre of America; Velure Land Investments; Mountain West Real Estate; Property Service Management, LLC Executive Suite Center; and the United States Attorney’s Office.  The first phase is expected to be fully leased by the end of 2002.