A real estate investment firm and a home developer have acquired Marja Acres, a 20-acre parcel of land in Carlsbad slated to become a mixed-use community.
Ground has been broken on the site, purchased from IHP Capital Partners in Newport Beach and KB Home in Los Angeles. The project will include 248 three-story townhouses, 10,000 square feet of retail space and 46 units of affordable housing for adults 55 and older.
The infill community, on the site of a former nursery, will pay homage to the property’s agricultural history through its name while providing amenities such as a daycare center, 2,000 square feet of space for local restaurants, parks and a community center.
IHP and KB Home will jointly develop the project, completing the site infrastructure and constructing the townhouses. The affordable apartments will be completed by USA Properties at a later stage of the project.
Grading for the townhouses is currently underway with model home construction planned to begin later this year and home sales expected to begin in 2023. Home prices have not yet been released.
“Marja Acres will be a unique mixed-use community that reflects Carlsbad and the local character of the surrounding area,” said Jeff Enes, senior vice president at IHP Capital Partners, who also noted his firm’s “30 years of experience in and growth in California. .”
The project, located at 4901 El Camino Real between Kelly Drive and Cannon Road, will feature homes with kitchens overlooking large great rooms, bedroom suites with walk-in closets and storage.
The three-story townhouses will offer two design styles, modern farmhouse and contemporary. The 121 contemporary farmhouse townhouses will feature three floor plans with up to three bedrooms, in approximately 1,700 square feet.
The 127 contemporary-style townhouses will offer three floor plans with up to four bedrooms, ranging in size from 2,000 square feet to 2,350 square feet.
The project includes a one-and-a-half-acre village green, four pocket parks, a dog park, and a community center with a pool, barbecue area, and bocce court.
“KB Home is excited to partner with IHP Capital Partners to develop our new Marja Acres community. This well-designed mixed-use neighborhood will offer homebuyers a rare opportunity to own a new home with many amenities in a scenic Carlsbad setting,” said Steve Ruffner, president of KB Home’s Coastal Homes division.
Developers Break Ground on Mixed-Use Project in Carlsbad with Plans for 248 Townhomes Source link Developers Break Ground on Mixed-Use Project in Carlsbad with Plans for 248 Townhomes