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.