Cornerstone, Presidio Team Up in Chula Vista

The Chula Vista submarket is set to expand its housing inventory as around 44 acres of land were recently acquired by a venture between Presidio Residential Capital and Cornerstone Communities. The land is part of the Otay Ranch Village 2, a master-planned community in San Diego County.

By Alex Girda, Associate Editor

Eyeing a major expansion in Chula Vista, a joint venture of Presidio Residential Capital and Cornerstone Communities has acquired 44 acres in the Otay Ranch Village 2 master-planned community.

Otay Ranch’s original development plan was approved Chula Vista by the city more than two decades ago. The most substantial amendments were adopted in 2013 and mostly affected the boundaries of Village 8 and Village 9. That led to the provision of additional acreage for the development of the University and Innovation District area.

Presidio invested $18 million in development, and Cornerstone will handle all general contracting duties on the 227-home community. Otay 225 will feature single-family homes ranging in size from 1,800 to 3,400 square feet. Model homes are scheduled for construction in 2016.

Otay 225′s location on Heritage Road off Olympic Parkway will offer access to I-805, the Chula Vista Center, dining and entertainment, and high-quality medical services. Residents will also have access to the Otay Ranch Swim Club and local  hiking and biking paths.

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