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SAN DIEGO-Broadway 655, a $140-million mixed-use development that has been in the works for more than two years, now has the funds it needs to move forward.

Lankford & Associates Inc., which is developing the high-rise project, “has secured and closed financing, acquired the land, commenced the ground lease and will begin construction immediately,” according to a recently released company statement. The financing, which was arranged by Jim Davies and Jared Rogers of the Buchanan Capital Advisors division of Newport Beach-based Buchanan Street Partners, includes a $72-million construction loan from U.S. Bank and Wachovia Bank and a $26.4-million investment from National Electric Benefit Fund and Lewis Trust Group Ltd.

Slated to rise at the southeast corner of Kettner and Broadway, the new development will stand 23 stories high and encompass 410,000 sf at build-out. Design plans call for 356,000 sf of office space on the top 18 floors of the facility, with 16,677 sf of restaurant and retail space, and 765 parking spaces to be located on the lower floors. An adjacent, four-story residential component is also being built.

With a completion date of third quarter 2005 currently scheduled, Broadway 655 will hold the distinction of being the first class A office facility to rise in Downtown since 1991. “This development will make a dramatic impact on the San Diego market,” says Robert Lankford, president and CEO of Lankford & Associates.

“This marks the beginning of the next wave of office development and helps ensure that downtown remains the business hub of the region with opportunities for growth and expansion,” adds Peter Hall, president of Centre City Development Corp.

About half of the facility’s office space has already been committed, with the law firm of Milberg Weiss Bershad Hynes & Lerach LLP having signed on as an anchor tenant with more than 135,00 sf. Other companies that have committed to leases include Best, Best and Krieger; Peterson & Price; and Lankford & Associates.

Burnham Real Estate Services has been chosen to market the development. Carrier Johnson is the project architect and Webcor Construction is the general contractor.

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