SOURCE: R. D. Olson

August 14, 2012 10:00 ET

R.D. Olson Development Breaks Ground on $60 Million Mixed-Use Development in Southern California

196,000-Square-Foot Tustin Pacific Center Includes Two Marriott Hotels and Retail Center

IRVINE, CA--(Marketwire - Aug 14, 2012) - R.D. Olson Development has broken ground on the $60 million Tustin Pacific Center, a 196,000-square-foot, mixed-use hotel and retail development near the 55 Freeway and Edinger Avenue in Tustin, CA. The project includes two 4-story hotels, a 149-room Residence Inn by Marriott and a 145-room Fairfield Inn & Suites by Marriott. Both hotels represent the latest design generations by Marriott and are the first of their kind either statewide or in Southern California. Tustin Pacific Center includes a 16,180-square-foot retail center that will include a mix of restaurant and business service retail users.

"These are the first hotels to be built in Tustin in more than 15 years," said Bob Olson, CEO and founder of R.D. Olson Development. "This project will serve the Tustin business community and surrounding areas, including the Irvine Business Complex and the Santa Ana Civic Center."

The Tustin Pacific Center groundbreaking ceremony was attended by several Tustin civic leaders, including Mayor John Nielsen, Councilmember Rebecca Gomez, City Manager Jeffrey Parker and Community Development Director Elizabeth Binsack, among others. Olson purchased the 8.38-acre parcel from the City of Tustin in 2011.

"Tustin Pacific Center is positioned to offer a quality lodging alternative for business and leisure travelers, backed by the latest generation of hospitality service offerings by Marriott International and a location central to Orange County and John Wayne Airport," said Olson.

Residence Inn by Marriott, the recognized industry leader in the extended-stay hotel market, is rolling out its latest design iteration, Generation 9. The Tustin Residence Inn will be the first of its kind in Southern California, and among the first throughout the country. The new design includes spacious studio, one-bedroom and two-bedroom guest suites, the latest in technology and connectivity, improved work areas, full kitchens and upscale bathrooms. 

The Tustin Fairfield Inn & Suites also represents the newest (fourth) generation of this Marriott concept and is the first of its kind in California. An established leader in the moderate-tier lodging segment, Fairfield Inn & Suites continues to reinvent itself with improved functionality and innovative features.

Both hotels offer numerous guest amenities, including outdoor areas with pools, spas, fire pits and a sports court, exercise rooms, convenience markets, breakfast areas, business centers and a shared 2,950 square feet of meeting space. The hotels will be served by a retail center designed to support the needs of business travelers and area residents. Restaurants, coffee shops, banks, business service providers and other retailers are expected to occupy the center.

R.D. Olson Development, who began developing hotels more than 13 years ago, has been especially active over the past 12 months with the completion of three new hotels and the pending opening of a fourth in the next 30 days. The firm has opened the Residence Inn by Marriott in San Juan Capistrano, CA, marking the first new hotel built in that market in more than 20 years. The developer has also completed two Courtyard by Marriott hotels in Oceanside, CA and Maui, HI, and is about to open a Courtyard by Marriott in Santa Barbara, CA. 

Olson is strategically developing new hotels to meet the demand for quality lodging alternatives, particularly in underserved markets, while also capitalizing on construction costs that are approximately 30% below pre-recessionary levels. "This month we will open our fourth new hotel development since November 2011, with two more Residence Inn by Marriott projects in planning," said Olson.

R.D. Olson Development will retain ownership of the hotels upon completion, expected in August 2013, with Marriott International providing management services. Tustin Pacific Center was designed by Gene Fong Associates, with interior architecture by Johnson Brand Design Group, Inc. Construction will be performed by R.D. Olson Construction.

About R. D. Olson Development
Based in Irvine, CA, R.D. Olson Development is engaged in the development and repositioning of commercial properties nationwide. A specialist in developing hospitality properties, the firm is also experienced in the development of office, retail, multifamily and recreational projects. Robert Olson founded R.D. Olson Development in 1997 following nearly 20 years as founder and CEO of R.D. Olson Construction. A partial list of the company's developments includes a $25 million Courtyard by Marriott in Oceanside and a new $30 million Marriott Courtyard in Maui, HI, both representing the newest Courtyard prototype design. Other notable projects developed by R.D. Olson Development include the $68 million Marriott Renaissance ClubSport in Aliso Viejo, CA, a mixed-use project with a 174-room full-service Marriott Renaissance Hotel and a 70,000-square-foot fitness center. Olson has also developed a $38 million, 166-room Residence Inn by Marriott in Burbank, CA and a 174-room Residence Inn by Marriott in Irvine, CA.

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