OCEANSIDE, CA—Developers are scrambling for the dwindling amount of developable land in Oceanside, which represents space that previously hadn't been touched before the last cycle. Among that space is Rancho del Oro, a master-planned community here, in which Presidio Residential Capital and Cornerstone Communities have broken ground on Pacific Ridge, a 30-acre, 317-unit gated development being built on the last remaining land within the community.

Model construction on the project is expected to begin in January 2016, with homes for sale by Summer 2016. According to Paul Lucatuarto, principal for Presidio Residential Capital, “This project is another great example of Cornerstone and Presidio working together through the planning process in order to create a community that matches the City of Oceanside's vision while still delivering reasonably priced housing for our future resident.”

Regarding what it takes to land a development deal in one of the most sought-after land-constrained markets in San Diego, Don Faye, principal at Presidio, tells GlobeSt.com, “It all comes down to the right builder. We have a long-standing relationship with one of the premier builders in Southern California, Cornerstone Communities, which has an impeccable record of performance.”

Pacific Ridge will consist of three communities with three distinct product types, all with two-car, side-by-side garages, luxury finishes and private yards. Lucero will offer 125 three-and-a-half to four-bedroom townhomes ranging from 1,570 to 1,825 square feet; Brisas will offer 120 two-story, three- to four-bedroom and up to three-and-a-half-bath townhomes ranging from 1,480 to 1,812 square feet; and Altura will offer 72 upscale three- to four-bedroom, two-and-a-half-bath, two-story single-family detached homes ranging from 1,770 to 2,030 square feet.

“This is a beautiful project in a prestigious hilltop location with refreshing coastal breezes ideally located with access to three main freeways for commuting to anywhere in San Diego County and within a mile of K-12 schools,” says Michael J. Sabourin, president and COO of Cornerstone. “Homeowners will have spectacular hillside views and, from the western portion, will be able to see the ocean.”

Pacific Ridge residents will have access to numerous community amenities, including a heated lap pool, a spa within an open-air and covered lounge area, covered dining and entertaining space with barbecues, scenic vantage-point seating areas, a dog park, a flexible outdoor fitness space and a community walking path. Sabourin says demand is high “because this represents the last chance for people to buy within the beautiful master plan of Rancho Del Oro.”

Pacific Ridge is one of three projects that Presidio and Cornerstone are developing. These projects include Tuscany Village, 212 units in Bakersfield, CA; and Otay, 225 units in Chula Vista, CA.