SAN LUIS OBISPO, Calif., Oct. 8, 2020 /PRNewswire/ — 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.
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.
SOURCE Presidio Residential Capital