Press Release: Makar Properties LLC
July 12, 2001
NEWPORT BEACH, CA -- An affiliate of Makar Properties LLC has acquired an approximately 17-acre development site
in La Jolla from Polygon Shelter Inc. for an undisclosed amount, one of the last few remaining mixed-use parcels
available in the Southern California area.
``We're very excited that we were able to acquire this property, given the high level of interest from competitors,''
said Paul Makarechian, CEO of Makar Properties LLC. ``This continues with our acquisition strategy to develop well-positioned,
complex mixed-use and upscale destinations.''
Located on the northwest corner of La Jolla Drive and Executive Drive in the oceanside city of La Jolla in San
Diego County, the site is entitled for:
-- A 32-story, 115-unit luxury condominium tower with hotel services and
amenities,
-- A 15-story, 327-room luxury hotel,
-- A 30,000-square-foot science and research facility and
-- A 20-story, 450,000-square-foot office tower.
As part of the deal, Washington State-based Polygon Shelter has agreed to repurchase for an undisclosed price
the approximately 3.4-acre site entitled for the 20-story office tower.
For Makar Properties, this deal represents another high-profile, mixed-use development the Newport Beach-based
firm will undertake where it can showcase its diversified real estate development expertise.
In Dana Point, Makar Properties is less than two months from opening its $240 million St. Regis Monarch Beach Resort
& Spa, a 172-acre luxury coastal resort featuring a 400-room, 74-suite hotel. Additionally, the resort masterplan
includes the 18-hole Robert Trent Jones Jr.-designed Monarch Beach Golf Links, luxury residences, a 30,000-square-foot
world-class spa and fitness center and a private beach club. The company acquired the mixed-use masterplan in 1998.
Along the same lines, Makar Properties is also planning to develop a 31-acre high end, mixed-use commercial center
fronting Pacific Coast Highway in Huntington Beach, Ca. The project will feature upscale hotels, entertainment
retail and luxury residences.
``We're excited and well suited to take this project from the conceptual stage to reality,'' Makarechian said,
referring to the La Jolla project.
Makar Properties LLC is a diversified real estate development, investment and holding company with primary operations
in California and the Southwestern United States. The Newport Beach-based firm specializes in the acquisition and
development of resort, office, mixed-use, industrial and residential properties in upscale locations.
SOURCE: Makar Properties LLC