CCB and Williams Homes Each to Build Single-Family Home Communities
SAN LUIS OBISPO, Calif. – Presidio Residential Capital, along with its joint venture partners Coastal Community Builders (CCB) and Williams Homes, recently closed on two parcels of land in San Luis Obispo at the highly anticipated mixed-use development, San Luis Ranch. Home construction on both Legacy Collection and Heirloom is slated to begin in October 2020.
A total of 281 detached single-family homes will be offered by CCB and Williams Homes. Located in southwest San Luis Obispo, these two new residential neighborhoods surround a central neighborhood park with the Irish Hills Natural Reserve to the southwest and Laguna Lake Regional Park to the north.
CCB’s community, named Legacy Collection, is a 15-acre neighborhood that will offer 198 new home sites on 3,200-square-foot lots with seven floor plans featuring Craftsman and Farmhouse architecture. Homes incorporating green technology will have two to four bedrooms (some with additional housing units) and range from 1,340 to 2,583 square feet. Homes will start in the mid $600,000s.
Heirloom is the name of the new Williams Homes community situated on seven acres that will offer 83 new homes showcasing five floor plans with Farmhouse, Craftsman and Modern Agrarian designs on 2,400- to 3,595-square-foot lots. Heirloom homes will range from 1,564 to 2,115 square feet and feature contemporary finishes with cutting-edge energy efficiency. Pricing for Heirloom will also begin in the mid $600,000s.
“These attractive new neighborhoods will help ease the housing shortage that has been stalling efforts to diversify the economy and retain talent in SLO County,” said Presidio’s co-principal Paul Lucatuorto. “Despite the economic distress across California caused by COVID-19, our builder partners have seen record home sales over the past few months due to low mortgage rates and pent-up demand. So, we expect these San Luis Ranch properties will sell quickly.”
San Luis Ranch is within a 10-minute commute to Cal Polytechnic State University (SLO) as well as downtown San Luis Obispo. The 131-acre master planned community includes 150,000 square feet of retail space; 100,000 square feet of office space; a four-story, 200-room hotel; and a total of 580 residential homes. Entertainment, shopping and parks are nearby, and the San Luis Obispo County Regional Airport is within a short drive.
San Luis Ranch is the first farm-to-table community on California’s Central Coast, preserving agricultural land and built alongside an organic farm. Multimodal pathways are within easy reach encouraging residents to walk or bike to work, retail centers, amenities and relaxing open spaces. The master plan has over 50 acres of agricultural land and dedicated open space, which helps preserve the area’s eco-system.
The area is serviced by the San Luis Coastal Unified School District, and students can attend C.L. Smith Elementary, Laguna Middle School and San Luis Obispo High School.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 281 single-family homes will generate $80 million in local income, $10 million in taxes and other revenue for local governments and 1,100 local jobs.
About Presidio Residential Capital
Presidio Residential Capital is a real estate 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 billion into the economy to capitalize on the housing industry. The firm’s goal is to invest in excess of $75 million in capital for home- building projects in the Western United States in the next 12 months. It currently has joint ventures in Arizona, California, Nevada and Washington with current committed capital of $400 million focused on 65 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. Current assets under management total more than $2 billion. Online and social media: www.presidioresidential.com, Facebook, Twitter and LinkedIn.
About Community Coastal Builders
Coastal Community Builders is a California development company building on a tradition of value, quality craftsmanship and homeowner satisfaction. Since 1988, under the leadership of President Gary Grossman, the company has grown from humble beginnings to become a leader in new home construction. For more information, please visit www.coastalcommunitybuilders.com.
About Williams Homes
In 1997, Lance Williams founded privately held, Santa Clarita-based Williams Homes on the principles of integrity, trust and partnership – the key ingredients to Williams Homes’ continued success. Williams Homes has earned a respected reputation as a builder of exceptional quality new home communities in the West. The Williams Homes’ team has established a relationship with its family of homebuyers as a builder that stands behind its product and continues to provide a level of customer service that exceeds expectations. www.williamshomes.com
