Partnership Formed to Build Hazard Center : Trammell Crow, R.E. Hazard Start Construction of $200-Million San Diego Mixed-Use Project

Trammell Crow Co. and R.E. Hazard Contracting Co. have announced the start of construction of Hazard Center in San Diego and completion of financing for the first phase of the $200-million mixed-use project.

The development partnership, known as Crow-Hazard Associates, is entering into a joint venture with CIGNA Corp. for long-term equity and debt financing, and Citicorp will provide $80 million of construction financing for the office, retail and parking components of the project.

The partnership also announced the sale of a 5-acre parcel of land for the development of a 300-room Red Lion Inns hotel on the 42-acre site.

Located at California 163 and Friars Road on the historic Hazard Brick & Block plant site, the center is being developed adjacent to the newly improved San Diego River which forms the project’s southern boundary.

The $120-million first phase of Hazard Center includes a 15-story, 292,000-square-foot office tower, the Brickyard, retail center, food court, seven-screen Mann’s Theatre complex and the hotel. Completion of this phase is targeted for the second quarter of 1990.