Kilroy Realty and Community Groups Reach Compromise on One Paseo Mixed-Use Development Project
May 26 2015 - 1:23PM
Business Wire
Agreement ends legal battle, avoids costly
ballot for San Diego project
Kilroy Realty Corporation (NYSE: KRC) and three community
groups announced that they have reached a compromise that allows a
scaled-down version of the One Paseo mixed-used development project
to move forward. The new project will deliver amenities to the
north San Diego neighborhood while reducing the traffic and visual
impacts that caused concern within the community.
Under the terms of the agreement, KRC will reduce the scope of
the office and retail components of the project, while providing
needed housing. The reductions in the project will decrease the
number of average daily automobile trips by roughly half while
retaining the mixed-use character of the project.
“Our company has worked to deliver a project that meets many of
the goals of the community, including more shops, restaurants,
homes and public open space,” said John Kilroy, chairman, president
and CEO of Kilroy Realty. “The new One Paseo plan allows us to
provide additional amenities to Carmel Valley without the delay of
a protracted legal battle or referendum.”
The settlement precludes additional litigation by all parties to
the agreement, allowing permit processing on the revised One Paseo
to move forward. KRC supported a rescission of the City Council’s
approval of the prior version of One Paseo and the three community
groups have pledged not to oppose a future version of One Paseo
that adheres to specific parameters outlined in the settlement
document.
About Kilroy Realty Corporation. With more than 65 years’
experience owning, developing, acquiring and managing real estate
assets in West Coast real estate markets, Kilroy Realty Corporation
(KRC), a publicly traded real estate investment trust and member of
the S&P MidCap 400 Index, is one of the region’s premier
landlords. The company provides physical work environments that
foster creativity and productivity and serves a broad roster of
dynamic, innovation-driven tenants, including technology,
entertainment, digital media and health care companies.
At March 31, 2015, the company’s stabilized portfolio totaled
13.0 million square feet of office properties, all located in
the coastal regions of greater Seattle, the San Francisco Bay Area,
Los Angeles, Orange County and San Diego. The company is recognized
by the Global Real Estate Sustainability Benchmark (GRESB) as the
North American leader in sustainability and was ranked first among
151 North American participants across all asset types. At the
end of the first quarter, the company’s properties were 42% LEED
certified and 60% of eligible properties were ENERGY STAR
certified. In addition, KRC had approximately 1.7 million
square feet of new office and mixed-use development under
construction with a total estimated investment of approximately
$1.1 billion. More information is available at
http://www.kilroyrealty.com.
Forward-Looking Statements. This press
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are based on our current expectations,
beliefs and assumptions, and are not guarantees of future
performance. Forward-looking statements are inherently subject to
uncertainties, risks, changes in circumstances, trends and factors
that are difficult to predict, many of which are outside of our
control. Accordingly, actual performance, results and events may
vary materially from those indicated in forward-looking statements,
and you should not rely on forward-looking statements as
predictions of future performance, results or events. Numerous
factors could cause actual future performance, results and events
to differ materially from those indicated in forward-looking
statements, including, among others, risks associated with:
investment in real estate assets, which are illiquid; trends in the
real estate industry; significant competition, which may decrease
the occupancy and rental rates of properties; the ability to
successfully complete acquisitions and dispositions on announced
terms; the ability to successfully operate acquired properties; the
availability of cash for distribution and debt service and exposure
of risk of default under debt obligations; adverse changes to, or
implementations of, applicable laws, regulations or legislation;
and the ability to successfully complete development and
redevelopment projects on schedule and within budgeted amounts.
These factors are not exhaustive. For a discussion of additional
factors that could materially adversely affect our business and
financial performance, see the factors included under the caption
“Risk Factors” in our annual report on Form 10-K for the year
ended December 31, 2014 and our other filings with the
Securities and Exchange Commission. All forward-looking statements
are based on information that was available, and speak only as of
the date on which they are made. We assume no obligation to update
any forward-looking statement made in this press release that
becomes untrue because of subsequent events, new information or
otherwise, except to the extent required in connection with ongoing
requirements under U.S. securities laws.
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version on businesswire.com: http://www.businesswire.com/news/home/20150526006050/en/
Kilroy Realty CorporationTyler H. RoseExecutive Vice
Presidentand Chief Financial Officer(310) 481-8484orDavid
SimonExecutive Vice President,Southern California(323) 769-5930
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