Olivewood Project Closer to Completion

Construction is closer to completion on a project that will bring new life to a busy Murrieta corner.

Some phases of Olivewood, at the southeast corner of Kalmia Street and Jefferson Avenue, were initially expected to open in April. That has been pushed back to the end of August, project officials said.

"We are looking at our first tenant opening at that time; that is kind of our goal. But we have a lot to finish," said Glen Daigle, director of development for Murrieta-based Oak Grove Equities, Inc.

The tenant, Trinity Martial Arts, has committed to leasing out a space in one of the center's mixed-use commercial buildings, he said.

Farmstead Market will be housed inside the only original structure on the property. The building on the corner of Jefferson and Kalmia was once a veterinarian hospital.

A June 1 opening was once projected for the market, but was pushed back to October, according to Rick Neugebauer, market owner and former project manager.

Two lanes on Jefferson and one on Kalmia were added to accommodate traffic flow near the development.

Daigle, who is part owner of Olivewood and serves as property manager, recently said the hope was to have the lanes open by the end of August, which would be necessary for the first tenant to open.

Other buildings include one built to house a restaurant or a bank and one that could be used as a drive-through. Additional buildings were designed as office and commercial space.

Two of three 100-year-old olive trees—hence the name Olivewood—were moved and relocated on the property, Daigle said.

A pool of 21 foreign investors helped finance the project.