Cornerstone Communities has purchased 44 acres within Otay Ranch Village II, a highly sought after master-planned community in San Diego County. Otay 225, a neighborhood of single-family detached homes, will break ground by year's end. The retail value of this project will exceed $128 million.
The development has received approval for 227 single-family homes, and construction of model homes is expected to begin in 2016. The homes will range from 1,800-square-foot all the way up to 3,400-square-foot executive homes.
Otay 225, located on Heritage Road off Olympic Parkway in Chula Vista, is close to I-805, Chula Vista Center, restaurants, movie theaters and the world-class Sharp Rees-Stealy Medical Center. Downtown San Diego is just 25 minutes away.
"We're extremely excited about this project because Cornerstone has built many successful communities within area master-plans in Chula Vista, and this gives us an opportunity to continue that tradition," said Ure R. Kretowicz, chairman and CEO of Cornerstone Communities.
As part of Otay Ranch, residents will have access to the Otay Ranch Swim Club and the neighborhood's many hiking and biking trails. Otay Ranch, a pedestrian friendly planned community in eastern Chula Vista with parks, paseos and promenade streets, is home to several schools, shopping and retail opportunities.
According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, adding 227 single-family homes will generate $65 million in local income, $8.1 million in taxes and other revenue for local governments and 894 local jobs.