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National City building projects retain momentum: developers to break ground on $17m complex.

Publication: San Diego Business Journal
Publication Date: 28-APR-08 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
What housing slump?

Australian developer Constellation Property Group is taking the long view of the economy. The company is breaking ground April 29 on a $17 million, 61-unit residential complex in National City.

Despite losing an equity partner a year ago, the company convinced the city to extend a two-year bridge loan for $2.5 million to keep the project moving and preserve the city's downtown redevelopment initiative.

"The city stepped in when one of our equity partners stepped out," said Eugene Marchese, president of the Constellation Property Group in San Diego and chairman of Marchese Partners in Sydney, Australia. "We had a sort of difference of opinion in terms of product. We wanted to stay with steel and concrete, and Phoenix (Equity...

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