CARLSBAD, CA—Presidio Residential Capital and Cornerstone Communities have broken ground on The Reserve, a 635-unit community on 156 acres—more than half of them designated as open space—that is being built on a former rock quarry in northeast Carlsbad. The retail value of the project, which will offer 293 single-family detached luxury townhomes and 342 luxury apartments when it opens in 2016, will exceed $200 million.
“The Reserve is one of the best located new projects that will provide much needed, reasonably priced housing coupled with freeway access and a Carlsbad address,” said Paul Lucatuorto, co-principal at Presidio Residential. “We are fortunate to have Cornerstone as our partner on The Reserve.”
Located west of College Boulevard and south of Route 78, The Reserve is intersected by Buena Vista Creek and home to El Salto Falls, which the San Luis Rey Band of the Luiseño Indian tribe considers sacred. The San Luis Rey band plans to build a tribal resource center at the eastern edge of the falls, and a Native American monitor has been on site during grading to look for artifacts that might be uncovered. So far, the grading has unearthed several ice-age fossils, including Columbian Mammoth and prehistoric bison parts that have been given to the San Diego Natural History Museum.
“We are excited to bring to Carlsbad such a diverse array of housing options, all within one master-planned community—from attached townhomes to single-family detached homes to multifamily units,” said Cornerstone Communities president and COO Michael Sabourin. “We are truly proud that every single home at The Reserve will have a private fenced yard, a characteristic that really sets this community apart.”
With more than half of the community designated as open space, The Reserve includes abundant natural features and trails that integrate into the city trail system. The community will provide a critical piece of the planned Waterfall to the Waves Trail, which spans almost three miles from the waterfall to the coast. The site is adjacent to the Buena Vista Creek Ecological Reserve and is surrounded by open space. In addition, the coastal Buena Vista lagoon is two miles away.
At the north end of the community overlooking the valley is the historic Marron Adobe, built in 1839 and one of the oldest structures in Southern California. Cornerstone is making use of this important resource to get area schoolchildren involved in the community. For example, students who visit the hacienda will be able to paint tiles that will be incorporated throughout the community and enter contests to name some of its streets.
The site is close to shopping, restaurants, hospitals, schools and freeways and encompasses several parks and playgrounds, pet play areas and trail connections.
The project is Cornerstone Communities' fourth joint venture with Presidio. The companies are also developing in Oceanside, Bakersfield, and Chula Vista.
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