{"id":1004128661,"date":"2015-10-05T01:31:34","date_gmt":"2015-10-05T09:31:34","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=362479"},"modified":"2022-12-08T10:02:17","modified_gmt":"2022-12-08T18:02:17","slug":"presidio-and-cornerstone-break-ground-on-fourth-residential-joint-venture","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/presidio-and-cornerstone-break-ground-on-fourth-residential-joint-venture\/","title":{"rendered":"Presidio and Cornerstone Break Ground on Fourth Residential Joint Venture"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

The fourth joint venture between Presidio Residential Capital<\/a> and Cornerstone Communities<\/a> has finally broken ground in Carlsbad. The two entities are now transforming the former rock quarry into The Reserve, a sprawling upscale residential community that will have an estimated retail value of more than $200 million once completed.<\/p>\n

The Reserve is a 635-unit luxury project that calls for the development of 342 luxury apartments as well as 293 single-family homes. With roughly half of the project\u2019s 156 acres of land being designated as open space, the development will offer substantial natural features and trails that will be connected to Carlsbad\u2019s system.<\/p>\n

\"Construction<\/a><\/p>\n

Construction starts at The Reserve<\/p>\n<\/div>\n

Buena Vista Creek and El Salto Falls are located on the grounds, with the latter being a sacred site of the San Luis Rey Band of the Luise\u00f1o Indian tribe. A new tribal resource center will soon take shape on the eastern edge of the falls, built by the Band. The developers of The Reserve are mindful of the importance of any found artifacts and, as a result, a Native American monitor has been present during the construction process. The new residential community is also located in the proximity of the Buena Vista Creek Ecological Reserve, and the Buena Vista lagoon, as well as shopping spots, dining, hospitals and schools.<\/p>\n

It is estimated that around $84 million in local income, $10.6 million in taxes and more than 1,100 jobs will be generated by adding the 293 single-family homes, while the apartments are set to translate into $40 million in local income, $3.8 million in taxes, and 551 jobs. The developers reached this figures by using the formula provided by the National Association of Home Builders.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Reserve breaks ground in Carlsbad as Presidio Residential Capital and Cornerstone Communities start construction of fourth Californian venture.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1608],"tags":[682],"class_list":["post-1004128661","post","type-post","status-publish","format-standard","hentry","category-latest","category-san-diego","tag-news"],"acf":[],"yoast_head":"\nPresidio and Cornerstone Break Ground on Fourth Residential Joint Venture - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/presidio-and-cornerstone-break-ground-on-fourth-residential-joint-venture\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Presidio and Cornerstone Break Ground on Fourth Residential Joint Venture\" \/>\n<meta property=\"og:description\" content=\"The Reserve breaks ground in Carlsbad as Presidio Residential Capital and Cornerstone Communities start construction of fourth Californian venture.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/presidio-and-cornerstone-break-ground-on-fourth-residential-joint-venture\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-10-05T09:31:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:02:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/10\/The-Reserve-Construction-photo-Carlsbad.jpg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/presidio-and-cornerstone-break-ground-on-fourth-residential-joint-venture\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/presidio-and-cornerstone-break-ground-on-fourth-residential-joint-venture\\\/\"},\"author\":{\"name\":\"Anca Gagiuc\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"headline\":\"Presidio and Cornerstone Break Ground on Fourth Residential Joint Venture\",\"datePublished\":\"2015-10-05T09:31:34+00:00\",\"dateModified\":\"2022-12-08T18:02:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/presidio-and-cornerstone-break-ground-on-fourth-residential-joint-venture\\\/\"},\"wordCount\":289,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/presidio-and-cornerstone-break-ground-on-fourth-residential-joint-venture\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/10\\\/The-Reserve-Construction-photo-Carlsbad.jpg\",\"keywords\":[\"News\"],\"articleSection\":[\"News\",\"San Diego\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/presidio-and-cornerstone-break-ground-on-fourth-residential-joint-venture\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/presidio-and-cornerstone-break-ground-on-fourth-residential-joint-venture\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/presidio-and-cornerstone-break-ground-on-fourth-residential-joint-venture\\\/\",\"name\":\"Presidio and Cornerstone Break Ground on Fourth Residential Joint Venture - 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