A joint-venture partnership has paid $50.5 million for a 228-acre parcel in northern San Diego and plans to build more than 1,000 condominiums on the site.
The land, on a hilltop about one-quarter mile north of the Mira Mesa Road exit of the 805 Freeway, is a city-approved planned residential development and has already been graded for the construction of 1,292 condominiums. Construction is expected to begin by next summer.
The design, size and price range of the units has not yet been determined.
The partnership that bought the land from La Jolla-based Newland California consists of developer R.B. McComic Inc., Home Capital Development Group and Beck Development Co.
Units, Homes in Valley
Construction has begun on Expressions, a 49-unit townhouse complex at 10800 Sharp Ave. in the Mission Hills community of the San Fernando Valley.
Five single-family homes are also being built at the site, according to the developer, Westlake-based Wilma Pacific Inc. Prices for the two-story townhomes are expected to range from $99,990 to $140,000 and prices for the single-family homes are expected to start at about $160,00.
The townhouses will have two or three bedrooms, two or 2 1/2 baths and range from 911 to 1,300 square feet. The detached homes will have three bedrooms, 2 1/2 baths and about 1,600 square feet.
Sales are expected to begin by September, with move-ins slated for year end.
Desert Units for Adults
Ground has been broken on a 44-unit condominium project for active adults in the desert community of Cathedral City.
The two-acre development, at 69170 Gerald Ford Drive, is known as Jardin de Leones. Some floor plans have one bedroom and one bath and others have two bedrooms and two baths. All units will have a covered patio or balcony.
The complex--geared toward healthy adults 62 or older--will have a clubhouse, swimming pool and spa.