Business

Tuesday, Sep. 02, 2008

Biz Buzz: Real Estate developer and broker Aurignac purchases another downtown SLO property

Through his SLO Investments LLC, a $1.12 million building was purchased

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Real estate developer and broker Patrick Aurignac, through his SLO Investments LLC, has bought another building in downtown San Luis Obispo for $1.125 million.

“You could say I’ve got a passion to own as many properties in downtown San Luis Obispo as I can,” Aurignac said.

Aurignac purchased addresses from 1120 to 1128 Morro Street last February. He plans to demolish the old buildings and construct a new 24,000-square-foot, mixed-use building with a restaurant and residences. He also owns a historic downtown church site at 863 and 869 Pacific St., which he has renovated into his commercial offices. And he’s developing a 16-unit condo project called Campus Point Townhomes at 710 E. Foothill Blvd., although that project is outside the San Luis Obispo downtown core.

The latest purchase is 745 Higuera St.

“When you consider howdynamic and attractive San Luis Obispo is — its low congestion and crime, its great schools and its location — it’s a lot like ocean-front property; there’s only so much of it, and I believe the value will only continue to go up,” Aurignac said. “Some of the downtown rents are already the equivalent to those of Santa Barbara, in the $4.50 per square foot range.”

The building, which was owned by Alice Parks Nelson (now deceased), received four or five offers the first day it was put up for sale, he said.

“That alone was a good indication for how strong commercial properties are downtown,” he added.

The $1.2 million deal on the 1,540-square-foot building with a 440-square-foot parking lot and a pet supply store called Tails closed last week. The building has already undergone a $450,000 seismic retrofit and remodel by Dennis Noble, Aurignac said. Aurignac says Tails will remain in the building.

“I have no plans to do anything more at this time but hold onto the building and watch my investment grow,” he said.

—Melanie Cleveland

Marie Gordon recently joined the staff of Court Appointed Special Advocates of San Luis Obispo County as its education advocate. Gordon will work to provide direct advocacy for the educational needs of children under the jurisdiction of the juvenile court.

Gordon, who is credentialed in English, special education

and reading, previously served as a CASA volunteer for more than two years. She also has master’s degrees in English and counseling.

Before becoming a CASA volunteer, she served as the department chair for the Independent Study Program at Bakersfield Adult School for 15 years.

—Tonya Strickland