Presidio and Cornerstone Break Ground on Fourth Residential Joint Venture
- Oct 05, 2015
The fourth joint venture between Presidio Residential Capital and Cornerstone Communities has finally broken ground in Carlsbad. The two entities are now transforming the former rock quarry into The Reserve, a sprawling upscale residential community that will have an estimated retail value of more than $200 million once completed.
The Reserve is a 635-unit luxury project that calls for the development of 342 luxury apartments as well as 293 single-family homes. With roughly half of the project’s 156 acres of land being designated as open space, the development will offer substantial natural features and trails that will be connected to Carlsbad’s system.
Buena Vista Creek and El Salto Falls are located on the grounds, with the latter being a sacred site of the San Luis Rey Band of the Luiseño Indian tribe. A new tribal resource center will soon take shape on the eastern edge of the falls, built by the Band. The developers of The Reserve are mindful of the importance of any found artifacts and, as a result, a Native American monitor has been present during the construction process. The new residential community is also located in the proximity of the Buena Vista Creek Ecological Reserve, and the Buena Vista lagoon, as well as shopping spots, dining, hospitals and schools.
It is estimated that around $84 million in local income, $10.6 million in taxes and more than 1,100 jobs will be generated by adding the 293 single-family homes, while the apartments are set to translate into $40 million in local income, $3.8 million in taxes, and 551 jobs. The developers reached this figures by using the formula provided by the National Association of Home Builders.