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SOUTHERN CALIFORNIA NEWS
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Nine New Res Communities Get Underway Along Coastal CA

2/14/14

Presidio Residential Capital, working with Pismo Beach-based development company Coastal Community Builders, has committed more than $38.7 mil to build nine new communities in the central coast of California. The projects, which are located from Santa Maria north to Atascadero, will add 638 new homes to the coast, where housing supply has been tight.

“Our business strategy is to focus on markets that have reasonable barriers to entry and a strong locally based partner,” said Presidio Residential Capital Principal Don Faye. “The central coast and Coastal Community Builders president Gary Grossman are perfect examples of that.”

The new communities are expected to start opening for sale in the first quarter of 2014 and continue throughout 2015 and beyond.

The largest of the communities will be Heritage Square, a 296-home gated community near Santa Maria’s highly desirable west edge, which broke ground in September. Model homes will open in July 2014, and sales will begin in March 2014. Located near 10 miles of public beaches in addition to public parks, restaurants, shopping and other amenities, the 52-acre neighborhood will boast streets lined with mature trees and pathways that lead to a community park and bike paths.

Legacy at La Ventana, which broke ground on October 30, will offer a rural estate feel in Santa Maria as an alternative to surrounding older neighborhoods. The community will feature 120 estate-size lots of 8k sf to 10k sf in size, dramatic landscaping and a high-end monument entrance. La Ventana will include large landscape setbacks, split-rail fencing, rolled curbs and driveway pilasters. Colonial Ranch, Tuscany and French Country homes will start from 1.6k sf to 2.4k sf with opportunities for add-ons. Sales will start in February 2014, and models will open in July 2014.

Offering 32 beautiful, affordable homes on 8.5 acres, West Front Village in Atascadero is central to shopping and restaurants, less than two miles away from the beautiful Chalk Mountain Golf Course and within walking distance of Atascadero Lake. The community will include 14 single-family homes, 18 duplex homes, a basin park and additional permitted commercial space. Groundbreaking for the development took place in September 2013, and sales will begin in early 2014.

SLO Terrace in San Luis Obispo, which broke ground in January 2014, will provide 17 attractive homes ranging from 1.3k sf to 1.7k sf, in a comfortable neighborhood in the heart of San Luis Obispo. With easy access to public parks, shopping and entertainment, the property offers spectacular view of San Luis Mountain and the foothills. Sales begin in March 2014.

Monte Sereno, a gated community with 13 single-story Tuscan-style homes in Arroyo Grande, is located in the Edna Valley’s rolling hills adjacent to Hwy 101 in San Luis Obispo. Tucked away yet close to shopping, transportation and the beautiful Pacific coastline, the property offers spectacular mountain and vineyard views and a beautifully landscaped green belt. Groundbreaking for the development will be in March 2014 and sales start in early spring 2014.

The Vistas at Pismo Beach, which broke ground in September, will be an accessible and desirable new home community offering 32 units—16 single-family homes and 16 townhouses—and two commercial pads for patio restaurants and retail in the heart of downtown Pismo Beach. Less than 200 feet from miles of white sand beaches, the property encompasses an entire city block. Lots averaging 3k sf allow for approximately 1.5k sf homes with two-car garages, balconies and roof decks that take in spectacular ocean views. The property includes a park-like area, beautifully landscaped green belt and a pathway to adjacent shopping and ocean access. Sales began in February 2014.

A stunning single-family residential neighborhood with the most sought-after views in the area, Costa Azure will offer 19 4k sf to 6k sf lots near downtown Pismo Beach. With views of the ocean, canyons, green belts and mountains, the Spanish Colonial and Santa Barbara style homes are beautifully set on gently sloping hillsides less than 1.8k sf from the Pacific Ocean. Coastal Community Builders expects to break ground in early spring 2014 and start selling homes in late spring or early summer 2014.

The Village at Pacific West in Pismo Beach will offer 37 single-family residences on 3k sf lots and 36 condominiums. Sales of the homes, ranging in size from 800 sf to 1.9k sf, will begin in early spring 2014.

Offering 36 1.8k sf to 2k sf hillside homes on 5k sf lots in Pismo Beach, Terraces at Las Ventanas is also in the works. A grand opening date has not been set.






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