CARLSBAD — A massive residential development project has put shovels in the ground.
The Reserve, a 635-unit community spanning 156 acres is taking root west of College Boulevard and south of state Route 78, according to a press release from Presidio Residential Capital and Cornerstone Communities.
The two entities are boasting their 293 single-family detached luxury homes and 342 luxury apartments with an estimated retail value of more than $200 million.
In addition, “more than half” of the acreage is designated open space. Construction is slated for completion in 2016.
The Reserve includes numerous natural features and trails integrating into the city trail system.
The community will provide a critical piece of the planned Waterfall to the Waves Trail, which spans almost three miles from the waterfall to the coast.
The site is adjacent to the Buena Vista Creek Ecological Reserve and is surrounded by open space. In addition, the coastal Buena Vista lagoon is two miles away.
The Reserve falls on with land considered sacred by the San Luis Band of the Luiseño Indian tribe, which will build a tribal resource center at the east end of El Salto Falls.
“The Reserve is one of the best located new projects that will provide much needed, reasonably priced housing coupled with freeway access and a Carlsbad address,” said Paul Lucatuorto, co-principal at Presidio Residential Capital. “We are fortunate to have Cornerstone as our partner on The Reserve.”
A Native American monitor has been on site during grading to look for artifacts that might be uncovered. So far, the grading has unearthed several ice-age fossils, including Columbian Mammoth and prehistoric bison parts that have been given to the San Diego Natural History Museum.
At the north end of the community overlooking the valley, meanwhile, is the historic Marron Adobe, which was built in 1839 and one of the oldest structures in Southern California.
Cornerstone is making use of this important resource to get area schoolchildren involved in the community. For example, students who visit the hacienda will be able to paint tiles to be incorporated throughout the community and enter contests to name some of its streets.
“We are excited to bring to Carlsbad such a diverse array of housing options, all within one master-planned community — from attached townhomes to single-family detached homes to multifamily units,” said Cornerstone Communities president and COO Michael Sabourin. “We are truly proud that every single home at The Reserve will have a private fenced yard, a characteristic that really sets this community apart.”
The project is Cornerstone Communities’ fourth joint venture with San Diego-based Presidio. The companies are also developing Pacific Ridge, 317 units in Oceanside; Tuscany Village, 212 units in Bakersfield; and Otay Ranch Village II, 225 units in Chula Vista.
In a press release from the groups, the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 293 single-family homes will generate $84 million in local income, $10.6 million in taxes and other revenue for local governments and 1,154 local jobs.
Adding 342 apartments will generate $40 million in local income, $3.8 million in taxes and other revenue for local governments and 551 local jobs.