The San Diego Homebuilder and Presidio Residential Capital Acquire Land in Santee for 80 New Homes that Replace Natural Gas with Cleaner Electric Technologies
SANTEE, Calif. – March 9, 2022 – Cornerstone Communities, the largest private homebuilder in San Diego County, is entering the nascent market of all-electric homes in its new upscale townhome community named Laurel Heights.
Cornerstone and its financial partner Presidio Residential Capital purchased a five-acre parcel of land in Santee, Calif., to build 80 two-story townhomes southeast of Aubrey Glen Drive and Mission Gorge Road. Model construction will begin in the spring of 2022, and the first homes released for sale will start construction in the summer of 2022.
Laurel Heights will be an environmentally conscious community created to provide families with a more sustainable lifestyle that embraces solar panels, smart home features and pre-wiring for electric car charging. All homes will feature highly efficient electrical appliances that save energy, improve indoor air quality and leave a smaller carbon footprint. Everything runs on electricity – including heat pumps, air conditioners, dryers, induction ovens and stove tops – instead of natural gas.
“It’s good for the planet and our homeowners’ pocketbooks, and that is certain to appeal to our target demographic of millennials and young families,” said Michael Sabourin, president and COO of Cornerstone Communities. “Buyers not only receive a modern home with smart technology and lower utility bills, they’re also helping the environment.”
Cornerstone’s first foray into the all-electric home model comes at a time when California lawmakers and activists are pushing for energy-efficient appliances and phasing out gas hookups for homes in the Golden State, where roughly 80 percent of all homes still rely on natural gas. Last August, the California Energy Commission passed new energy codes that incentivize electric appliances and efficient heating and cooling systems that will go into effect in 2023.
“This is what the future holds for us in the homebuilding industry. It’s only a matter of time before our state requires all electrical appliances and outlaws natural gas in new home construction,” said Cornerstone CEO Ure Kretowicz. “We asked ourselves, why wait to go electric because you’re forced to? We choose to get ahead of the curve to face tomorrow’s challenges today. We feel by doing so, we can gain a first mover advantage over our competition.”
And Cornerstone is not stopping with Laurel Heights. It is planning multiple all-electric projects, including a planned 450-townhome development divided into four “villages” in the Otay Mesa/San Ysidro area that Kretowicz defines as “incredible workforce housing.”
Laurel Heights will offer three floorplans with three bedrooms and 2.5 bathrooms. Ranging from 1,601 to 1,818 square feet, the two largest plans will also offer second-floor lofts or home offices. The townhomes will showcase private, fenced rear yards and attached direct access two-car garages. Some of the homesites will have mountain views and oversized yards.
“We’re excited to build another quality community in this beautiful area of San Diego County,” said Sabourin. “Residents will enjoy a community pool, tot lot, grassy park area and nearby hiking access at the scenic Mission Trails Regional Park and the Santee Lakes. The greenbelts will be well used, I’m sure, by all who live here.”
Located in southwestern Santee less than two miles from the 52 Freeway, it’s also proximate to major retail shopping, services and schools. Elementary and middle school students can attend Chet F. Harritt School in Santee School District and high school students can attend West Hills High School in Grossmont Union High School District.
Cornerstone Communities, in partnership with Presidio Residential Capital – a San Diego-based real estate management company – has developed 16 joint venture projects in San Diego, Riverside and Kern counties.
About Cornerstone Communities
The management team at Cornerstone Communities is comprised of a seasoned group of development and building professionals possessing over 150 years of combined experience in the homebuilding field having developed, mapped, and/or constructed over 15,000 homes in over 60 developments throughout California and Nevada. Professional Builder magazine heralded the group as one of the nation’s Building Giants. Cornerstone has been consistently ranked as one of San Diego’s top privately held residential homebuilders by the San Diego Business Journal and was recently recognized as one of the Top 500 Privately-Held Businesses in the U.S. by DiversityBusiness.com. www.cornerstonecommunities.com
About Presidio Residential Capital
Presidio Residential Capital is a real estate development management company focused on the residential housing sector. Headquartered in San Diego, California, the firm provides capital in the form of joint ventures for the development and build-out of for-sale residential projects throughout the Western United States. Presidio has infused more than $1.5 billion into the economy to capitalize the housing industry. The firm’s goal is to invest in excess of $100 million in capital for home-building projects in the Western United States in the next 12 months. It targets builders in Arizona, California, Nevada, Washington, Idaho, Colorado and Utah with current committed capital of $250 million focused on 40 plus projects. The firm is affiliated with a privately held registered investment advisor specializing in alternative investment strategies who has a long history of investing in the home-building sector. Online and social media: www.presidioresidential.com, Facebook, Twitter and LinkedIn.
