Restoring a perennial eyesore to productive use, Marina Placewill occupy a city block at 101 Market St. near San Diego Bay,offering loft apartments and townhomes. The project, scheduled forcompletion in spring 2002, also will include 10,822 sf ofground-level retail and a subterranean parking garage.

The venture has already signed its first retail lease--Oscar'sRestaurant, a San Diego-based family-style restaurant that willanchor the retail component with 6,029 sf at the corner of FirstAvenue and Market Street. "With the downtown apartment rentalvacancy factor near zero, demand is high for residential propertiesin the Marina District," says Ronnie Morgan,San Diego-basedprincipal of The Morgan Group Inc., the Houston-based firm that isdeveloping the project with SAS Development LLC. "Thus far, thesupply has been predominantly high-end, high-rise condominiums. Wesee a definite market here for luxury units to rent vs. purchase,"he says.

Marina Place will have a contemporary feel, with angular rooflines, stucco exteriors with building colors alternating in mutedgreen, peach, ecru and deep rose, says Shawn A. Schraeger,principal with SAS Development.