Residential Design

Vol 4, 2017

A business-to-business magazine focused on the collaborative process and talented work of residential architects and custom homebuilders.

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Page 12 of 79

VERBATIM Cars and Material Culture JONATHAN SEGAL FAIA AND DEVELOPMENT SAN DIEGO, CALIFORNIA Jonathan Segal, FAIA, has spent more than two decades honing his skills as an architect/developer and sharing his wildly success- ful business model with other architects through lectures online and around the country, and the Master of Real Estate Develop- ment program he cofounded at Woodbury University. During that time, he's completed 25 mixed-use rental projects in the San Diego area, including North Parker in 2014, a 27-unit market-rate apartment building that includes two very-low-income units, plus five commercial spaces housing three restaurants, a beer-tasting bar, and his own architecture office. He parks his sizable collec- tion of classic cars in the building's large garage, where he hosted a series of benefit seminars during the past year. Jonathan sees many connections between his passion and his profession, and the geometry of car fins is inspiring his newest work. RD: You are in the process of selling North Parker. Why now? JS: I want to build a 400-foot-tall building, and I need the capital because my business plan doesn't include partners or investors. Second, I think we're at a historic bottom for capitalization rates and multifamily building values. As interest rates go up, the rents have to go up or the building will become less valuable. The only other option to hold value is for the building to be less expensive to own and operate, and that is not going to happen. Now is the time to take some of the chips off the table and get out of a portion of your portfolio. What are you working on now? We're a month away from finishing Park and Polk, an eight-story apartment and retail building in a middle-class-to-upscale neighborhood, but not high-end. On the boards is Fort Stock- ton, another eight-story concrete mixed-use rental building that incorporates a 1935 Ford dealership. We also just bought a 1925 Mission Revival–style home designed by Parkinson & Parkinson Architects in Mission Hills, between La Jolla and downtown San Diego. It's on a 35,000-square-foot lot, and we are rehabbing the entire 9,200-square-foot house. Wendy and I are selling the Cresta, our five-year-old house in La Jolla, and will move there. How are Fort Stockton and Park and Polk different from your previous work? North Parker was the last of our exterior-circulation apartments built as a three-story frame on a concrete base. We build every- thing out of concrete now. Concrete is more expensive, but the architecture becomes more sculptural and an object rather than Jonathan Segal's latest mixed-use project, Fort Stockton, incorporates the Art Moderne showroom of a 1935 Ford dealership. The vertical fins were inspired by classic car details. Photos: Courtesy Jonathan Segal FAIA VOL. 4, 2017 RESIDENTIALDESIGNMAGAZINE.COM 13

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