Kilroy Realty to scale-back One Paseo project in California, US

26 May 2015 (Last Updated May 26th, 2015 18:30)

US-based real estate investment trust Kilroy Realty (KRC) has reached a midway agreement with three community groups to scale-down the One Paseo and continue with the mixed-used development project in San Diego, California.

US-based real estate investment trust Kilroy Realty (KRC) has reached a midway agreement with three community groups to scale-down the One Paseo and continue with the mixed-used development project in San Diego, California.

The project intends to support amenity supplies in the northern part of the Californian city, while lowering traffic and visual impacts that have raised concerns within the community.

"The new One Paseo plan allows us to provide additional amenities to Carmel Valley without the delay of a protracted legal battle or referendum."

According to the modified deal, KRC will decrease the project's proposed office and retail components, and allocate spaces for residential purposes.

The reductions will reduce the number of average daily automobile trips caused by the project by nearly 50%, while preserving its mixed-use character.

Kilroy Realty chairman, president and CEO John Kilroy said: "Our company has worked to deliver a project that meets many of the goals of the community, including more shops, restaurants, homes and public open space.

"The new One Paseo plan allows us to provide additional amenities to Carmel Valley without the delay of a protracted legal battle or referendum."

A previous design plan for One Paseo already gained council approval, but KRC has agreed to rescind this decision. Community groups involved in the settlement have agreed to let the project continue without protests, if the future development complies with the specific conditions agreed upon.