Kilroy Realty Corporation KRC has finally reached a compromise with three community groups regarding its One Paseo mixed-used development project in Carmel Valley, San Diego. As per the agreement, Kilroy would lower the scale of the project, reducing the scope for the office and retail segments but offering the required housing properties.
This project, slated to offer amenities to the north of San Diego neighborhood, has been a major concern for the community due to anticipations of a rise in traffic and height of its buildings.
Therefore, the agreement for compromise comes as a relief and puts an end to the legal battle, allowing the company to evade the costly ballot for the project. Ruling out any further litigation by the parties involved in the settlement, the agreement allows permit processing on the revised One Paseo project to march ahead. We believe the project revision serves the best interests of the company, helping it avoid unnecessary delay.
Kilroy Realty is engaged in owning, developing, acquiring and managing real estate assets in West Coast markets. The company successfully executed its development strategy by expanding into the San Francisco and Seattle areas. The REIT also enjoys a solid financial credit profile.
Kilroy Realty currently carries a Zacks Rank #2 (Buy). Investors interested in the REIT industry may also consider stocks like Arbor Realty Trust Inc. ABR, Hudson Pacific Properties, Inc. HPP and Strategic Hotels & Resorts, Inc. BEE. All these stocks sport a Zacks Rank #1 (Strong Buy).
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