The Lilian ‘still on track’ reports property owner
By Matt Liebowitz
Plans to construct The Lilian in Rancho Santa Fe Village are moving ahead “slowly but surely,” reported Joe Pinsonneault, owner of the property upon which the project will be built.
Designed by Allard Jansen Architects, Inc., The Lilian is a mixed-use residential and commercial project on a 41,211-square-foot lot at the corner of El Tordo and Avenida de Acacias. The project includes five residential units occupying 9,492 square-feet, and 4,070 square-feet of commercial/retail space.
To help finance the project, Pinsonneault, on Sept. 3, put the commercial property up for sale at $13,950,000. The property, which Pinsonneault said is still on the market, is being offered as a whole, or fractionally, which allows investors to purchase specific parts of the property. A stipulation of the sale, Pinsonneault said, is that the investor must agree that the property be used for The Lilian and nothing else.
“We’re still on track,” said Pinsonneault, who is currently in negations with several banks to finance the project. “We’re doing the best we can to make it all work.”
Architect Allard Jansen said his firm’s work on the project is “on hold” pending financing or direction from Pinsonneault.
“Right now, finding financing for residential projects is tough,” Jansen said.
Noting that the real estate market is turning around, Pinsonneault said, “Pricing is in our favor right now.”
The project is still awaiting approval from the County of San Diego Department of Planning and Land Use (DPLU), explained DPLU public affairs officer Gig Conaughton.
Pinsonneault said he hopes to move the project forward with the DPLU in the next 60-90 days, and to start construction, an 18-month process, by the end of 2010. (He was not able to estimate a total cost of the project.)
On Feb. 5, the RSF Association, with the backing of the RSF Art Jury, granted The Lilian a conditional approval, reported Association Manager Pete Smith. At the July 16 Association meeting, the Association granted the developers an extension of one year, which expires Aug. 5, 2010. The extension allows the developers time to complete the processing of the application with the county.
The developers are due to present an update of the project’s plans to the Association in January 2010.
This is a very important project to our community. It is in the heart of the village; how, when and the duration of the construction will greatly impact all. Parking will be a big issue too. We will keep you posted…..