Investment firm Presidio Residential Capital and developer Cornerstone Communities, both based in San Diego, have purchased 44 acres within Otay Ranch Village 2 in Chula Vista, for a planned $128 million single-family housing community.
Officials said the companies plan to break ground by year’s end on Otay 225, a neighborhood of 227 single-family detached homes within the larger master-planned Otay Ranch community. Presidio has committed $18 million in capital to the project, and Cornerstone is the general contractor.
The development has received city approvals, and construction of model homes is expected to begin in 2016, with homes ranging from 1,800 to 3,400 square feet. Home pricing has not been announced for the project on Heritage Road off Olympic Parkway, near Interstate 805.
Otay Ranch, located in eastern Chula Vista, has several neighborhoods with existing homes, parks, schools and retail centers.
Officials said Presidio and Cornerstone have partnered on three other projects totaling 1,165 residential lots that recently broke ground in Carlsbad, Oceanside and Bakersfield.