Pebble Creek Companies, Casbri Development and Presidio Residential Capital to Build 16-Home Community in San Diego
Conveniently Located Neighborhood Will Bring New Homes to Undersupplied Area
SAN DIEGO, CA–(Marketwired – Oct 24, 2016) – Pebble Creek Companies, Casbri Development, Inc., and Presidio Residential Capital recently purchased a 6.36-acre parcel of land to build 16 single-family homes in the Allied Gardens area of San Diego. This project is slated to break ground in June 2017. The retail value of this residential community will exceed $11.4 million.
“We expect enthusiastic response to this community because the supply of new and recently built homes in the area is very low,” said Gary Arnold, principal and co-founder of Pebble Creek Companies. “Because of a lack of development-ready lots, new home construction has plummeted in San Diego while demand continues to increase.”
The new development will offer 2,075-square-foot homes with luxury finishes such as granite countertops and stainless steel appliances on lots that have expansive views of the San Diego River Valley. Prices will start in the low $700,000s. Located near the eastern edge of San Diego, the neighborhood offers excellent freeway access. This new project is located about two miles north of Interstate 8, three miles east of I-15 and 11 miles from downtown San Diego.
The project is Presidio’s first joint venture with Casbri Development and second joint venture with Pebble Creek. Presidio and Pebble Creek recently broke ground on Afton Way, a five-acre community with eight homes in Carlsbad, where homes are scheduled to be open for sale in late spring 2017.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 16 single-family homes will generate $4.5 million in local income, $576,000 in taxes and other revenue for local governments and 63 local jobs.