GlobeSt.com UPDATE: $34M Project Receives Building Permit

OCEANSIDE, CA-San Diego-based developer Janez Ledcor Properties has received its building permit for Oceanside Terraces. The $34-million, mixed-use project counts 38 condo units, 10,000 sf of ground-floor retail space and 18,000 sf of second floor office condos.The developer has already begun grading the site, located at Mission Avenue and Cleveland Street, for subterranean parking. The property sits within the city's downtown redevelopment area, at the west end of the Ocean Place Entertainment Center.The project will take approximately 12 months to complete. Janez Development vice president Jeff Zuckerman told Globest.com earlier this year that the project has a unique design for the area. "Our entitlements dictated that we build something higher end, with stone exterior, as opposed to a big square with stucco," Zuckerman said.In the project, condo units will range from 1,600 sf to 2,600 sf and include ocean and mountain views. While details were not released on pricing for the units, estimates have them ranging from the $700,000s to more than $1 million. Floors three through five will have 10 units each, while the top floor will have eight penthouse units.As for the second floor, besides having more than 18,000 sf of office space for sale or for lease, it will also include around 35 residential storage units that will average 5 feet by 10 feet. Early demand for the office space has ranged from 1,100 sf to 5,500 sf.In securing the project, Janez gained $26.4 million in construction financing from Chicago-based Corus Bank, with Tom Sherlock and Chris Dornin from Newport Beach-based Buchanan Street Partners, serving as capital advisor.