American real estate developer Presidio Residential Capital and Coastal Community Builders have secured approval from the San Luis Obispo City Council, California, to develop San Luis Ranch, a 131-acre mixed-use community in San Luis Obispo.
The development will feature 580 residential homes, 150,000ft² of commercial space, 100,000ft² of office space, and a 200-room hotel.
The partners expect to break ground on the farm-to-table community in the first quarter of 2019 and deliver a 10-acre multifamily site and the commercial and hotel pads in the second and third quarters of 2019.
As many as 281 single family lots will be developed to commence home construction in the third quarter of 2019.
Coastal Community Builders president Gary Grossman said: “San Luis Obispo desperately needs workforce housing and this new community will address that need.
“San Luis Ranch will offer diverse housing opportunities, parks and open space and an organic working farm where SLO locals can experience a true farm-to-table lifestyle.
“Our residents will have everything they need in one exceptional community.”
The community will include single-family detached and multifamily homes of which a significant number will be affordable housing units.
Homes will offer energy-efficient and environmentally friendly features, including solar panels, Energy Star-certified appliances and lighting, tankless water heaters, low-flow plumbing and natural, edible landscaping, putting San Luis Ranch in the forefront of California’s Zero Net Energy (ZNE) mandate.
Over 50% of the pedestrian-oriented community will be parkland, open space and agricultural land with a working organic farm and learning centre, community gardens, a recreation and fitness loop and several parks and picnic areas.
Walking and bike lanes, as well as electric car-charging stations and bicycle parking, will be constructed throughout the project.
The site is located than three miles from downtown San Luis Obispo (SLO), halfway between San Francisco and Los Angeles and offers an easy commute to California Polytechnic State University in SLO and the San Luis Obispo County Regional Airport.
The project is a joint venture with Presidio Residential Capital, a San Diego-based real estate investment company.
According to the National Association of Home Builders, the addition of 580 homes is expected to generate $166.5m in local income, $164.4m in taxes and other revenue for local governments and 2,285 local jobs.
Image: Bird’s eye view of San Luis Ranch. Photo: Courtesy of San Luis Ranch.