CHULA VISTA, Calif. – Presidio Residential Capital and Cornerstone Communities have purchased 44 acres within Otay Ranch Village 2, 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. Presidio has committed $18 million to help build this community. 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 houses will range from 1,800-square- foot cottages to 3,400-square-foot executive homes.
“This project allows us to expand our relationship with cornerstone communities, which has a demonstrated history of success in providing quality housing in the San Diego market,” said Presidio Residential Capital principal Paul Lucatuarto.
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 master-planned communities 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.
Cornerstone Communities is the general contractor for the project.
Presidio and Cornerstone have partnered on three other projects in the San Diego and Bakersfield markets: Tuscany Village, a 212-lot community in Bakersfield, broke ground in December; Pacific Ridge, a 317-lot community in Oceanside, broke ground in March; and Quarry Creek, a 636-lot neighborhood in Carlsbad, which will break ground in June.