San Diego Business Journal

Presidio Residential Capital and Cornerstone Communities broke ground Sept. 28 on a 635-unit community in northeast Carlsbad, the San Diego-based real estate investment firm and developer said.

Named “The Reserve,” the community will be built on the site of a former rock quarry. The backers said the eventual retail value of the project will be more than $200 million.

The Reserve, west of College Boulevard and south of Route 78, will have 293 single-family townhomes and 342 apartment when it opens next year. It is the fourth joint venture between Presidio and Cornerstone following Oceanside’s Pacific Ridge, Bakersville’s Tuscany Village and Chula Vista’s Otay Ranch Village II.