CHULA VISTA, CA--(Marketwired - Nov 9, 2016) - Cornerstone Communities and Presidio Residential Capital have completed grading at four communities offering 233 new homes within Otay Ranch, a pedestrian-friendly, 5,300-acre planned community in eastern Chula Vista, Calif. The four new communities, Monterra, Aventine, Cambria and Estancia, are scheduled to open in May 2017. The retail value of this development is to exceed $128 million.
"We're thrilled to offer four exciting new villages, which will contribute to and benefit from the excellent amenities at Otay Ranch," said Michael Sabourin, president and COO of Cornerstone Communities. "A new state-of-the-art elementary school is in the works, and Otay Ranch is home to a comprehensive medical center, making this the premiere location for Southern California families."
Monterra at Otay Ranch will offer 36 units, a combination of multiplex three-story townhomes with attached two-car garages ranging from 1,569 to 1,824 square feet. Aventine at Otay Ranch will offer 100 single-family detached units with two-car garages ranging from 2,014 to 2,438 square feet. Concept designs are being finalized for Cambria at Otay Ranch, which will offer 60 units ranging from 2,851 to 3,081 square feet and Estancia at Otay Ranch, which will offer 37 units ranging from 3,000 to 3,600 square feet.
Otay Ranch offers abundant recreation and entertainment opportunities, private parks and an award-winning trail system. Located just seven-and-a-half miles from San Diego, Chula Vista -- or "beautiful view" in Spanish -- is in San Diego County's South Bay region in the foothills of the San Ysidro Mountains. The U.S. Olympic Training Center and Otay Lake Reservoir are nearby.
In addition to Otay Ranch, Cornerstone Communities and Presidio have partnered on four joint ventures. The companies are also developing The Promontory, 268 units in Murrieta, Calif.; The Preserve, 636 units in Carlsbad, Calif.; Pacific Ridge, 317 units in Oceanside, Calif.; and Tuscany Village, 212 units in Bakersfield, Calif.
According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, adding 233 single-family homes will generate $66.8 million in local income, $8.4 million in taxes and other revenue for local governments and 918 local jobs.
About Cornerstone Communities
The management team at Cornerstone Communities is comprised of a seasoned group of development and building professionals possessing over 150 years of combined experience in the homebuilding field having developed, mapped, and/or constructed over 15,000 homes in over 60 developments throughout California and Nevada. Professional Builder magazine heralded the group as one of the nation's Building Giants. Cornerstone has been consistently ranked as one of San Diego's top privately held residential homebuilders by the San Diego Business Journal and was recently recognized as one of the Top 500 Privately-Held Businesses in the U.S. by DiversityBusiness.com. Additional information is available at www.cornerstonecommunities.com.
Presidio Residential Capital is a real estate investment company focused on the residential housing sector. Headquartered in San Diego, Calif., the firm provides capital in the form of joint ventures for the entitlement, development and build-out of for-sale residential projects throughout the Western United States. Presidio has infused more than $1 billion into the economy to capitalize the housing industry. The firm's goal is to fund an additional $250 million in capital for home-building projects in the Western United States through 2017. It currently has investments in Arizona, California, Nevada, Colorado, Idaho and Washington with current committed capital of $650 million focused on 95+ projects. The firm is affiliated with a privately held registered investment advisor specializing in alternative investment strategies who has a long history of investing in the home-building sector. Current assets under management total more than $2.5 billion. Presidio is a member of the Building Industry Association of San Diego. Online and social media: www.presidioresidential.com, Facebook, Twitter and LinkedIn.