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HomeMy WebLinkAboutResidences at Escaya - OverviewRESIDENCES AT ESCAYA OTAY RANCH (SAN DIEGO, CA PROPERTY OVERVIEW BERKADIA Page 114 RESIDENCES AT ESCAYA OTAY RANCH (SAN DIEGO, CA Property Overview The Residences at Escaya is at the center of the greater 436 -acre Village of Escaya master planned community developed by the Sponsor. The Property consists of 272, Class -A apartment units with 20,000 SF of retail space and a 10,000 SF community purpose facility. Apartments Overview The Residences at Escaya features all the unit amenities that are now common -place in new, luxury apartment communities. The 272 -unit apartment consists of eight (8) floor plans with one -bedroom units ranging from 741-1080 SF, two-bedroom units ranging from 1,049-1,152 SF, and three bedroom/2.5 bath townhome plans (1,560-1,654 SF) with a two -car direct entry garage. Every residence is outfitted with unique features and an inspired application of supreme finishes which include designer hardware, dual master bathroom sinks, walk-in closets, and wood -like plank flooring throughout the interiors. Below is brief selected summary of the amenities. Apartment Amenities ❖ Resort style pool and spa with cabanas ❖ Fitness center with studio for classes ❖ Business center/ leasing office ❖ Clubhouse w/ demonstration kitchen ❖ Sunken garden park and greens throughout ❖ TV/ lounge areas with fireplaces Bike storage and repair center ❖ Dog run with pet washing center ❖ BBQ/social areas Retail Overview Unit Amenities ❖ Designer kitchens featuring granite / quartz countertop and stainless steel appliances ❖ Designer baths featuring granite/ quartz countertop and oval tubs / tiled showers ❖ Washer/ dryers with linen closets ❖ Wood plank vinyl with carpet in bedrooms ❖ Recessed lighting and pendant lighting ❖ Modern cabinetry and hardware ❖ Tuck under garages (some direct entry) The approximate 20,000 SF of retail is built along the main corridor entering into The Residences at Escaya with a portion of the apartments built on top of the retail. There is also a standalone 10,000 SF community purpose facility which sponsor is reserving to bring in a daycare provider. Features include but not limited to: ❖ Pavers and planters Bike parking Large Village Green (for community events) BERKADIA Storefront windows Signage Social / lounge areas Page 115 RESIDENCES AT ESCAYA OTAY RANCH SAN DIEGO , CA Village of Escaya The Master Plan also includes approximately 900 for sale homes consisting of nine (9) diverse product types from three (3) hand-picked and reputable public home builders - (1) Shea Homes, (2) Brookfield Residential, and (3) Cal Atlantic (merger of Standard Pacific and Ryland Homes). The homes were all sold out and all homes are completed and delivered and earned the reputation as the fastest selling community in San Diego. To complement the Property, they have built out and or planning on developing a synergistic mix of the following amenity package: ❖ School - HomeFed is seeking to build a prestigious charter school directly across the street from the Property. Status: Chula Vista Elementary School is currently under construction ❖ City Park — Sponsor will build an 8 acre City Park which features picnic pavilions, multi -use fields, amphitheater, tot lot, basketball court, exercise stations, large dog park, small dog park, and walkable trail system throughout. Status: Completed ❖ Swim Club — Adjacent to park and accessible to multifamily residents of the Project. Status: Completed ❖ Self- Storage Facility — HomeFed is building 959 -unit Class A, climate controlled, 3 -story, self - storage facility consisting of 126,997 SF. Status: Construction underwaywith completion expected April 2021 BERMDiA Page 116 RESIDENCES AT ESCAYA OTAY RANCH (SAN DIEGO, CA LOCATION OVERVIEW BER "DIA Page 119 RESIDENCES AT ESCAYA OTAY RANCH (SAN DIEGO), CA Chula Vista The City of Chula Vista is located at the center of one of the richest cultural, economic and environmentally diverse zones in the United States. Chula Vista boasts more than fifty (50) square miles of coastal landscape, canyons, rolling hills, mountains, quality parks, and miles of trails. Chula Vista is a leader in conservation and renewable energy, has outstanding public schools, and has been named one of the top safest cities in the country. With the City's established economic development initiatives, it has created a quality infrastructure, a strong consumer base and a well-educated and experienced workforce. Established neighborhoods, contemporary communities (like The Village of Escaya), - start-up firms, corporations, nationally recognized entertainment venues, and the nation's only warm weather Olympic Training Center all contribute to Chula Vista's attraction for both families and businesses. Given the highly desirable lifestyle features of Eastern Chula Vista's communities and an average household income of $118,042 within a one -mile radius of the Project, the population is expected to increase, adding nearly 13,000 residents by 2024. f Chula Vista's economy is driven by the healthcare, _4 aerospace and defense, advanced manufacturing, and information and communication technology industries, which continue to fuel economic growth within the region. Some of the area's major employers include UTC -_ Aerospace Systems, Sharp Chula Vista Medical Center, Scripps Mercy Hospital and Hitachi America Ltd. The City of Chula Vista is expected to bring in over $4 billion in public and private capital investment rapidly transforming the San Diego community. From the University Park + Innovation District development in Eastern Chula Vista to the $2.8 billion Chula Vista Bayfront redevelopment and Amazon's 2.6 million SF (under construction) distribution center, these are just a few of the large-scale projects taking place within 15 minutes of The Cota Vera Master Planned Community and the Project. BERKAD[A Page 120 RESIDENCES AT ESCAYA OTAY RANCH SAN DIEGO , CA U a EFF - fFiaFl `_ ;®r w,r.. Residents within the Cota Vera Master Planned Community will enjoy outstanding connectivity to San Diego's other prominentjob centers. Within 20 minutes to 40 minutes, residents can reach over 500,000 jobs in the bustling environment corridors of Kearny Mesa, Downtown San Diego, Mission Valley as well as UTC / Sorrento Valley. BERMDIA Page 121 RESIDENCES AT ESCAYA OTAY RANCH (SAN DIEGO), CA Downtown San Diego - 25 minutes - With 10.4MM SF of office space and an anticipated addition of 1MM SF of Class A space in the coming years, Downtown is also home to roughly 5,000 businesses that collectively employ nearly 80,000 people. Downtown is also the hub of San Diego's government, legal, and banking industries. Major employers in this region include General Dynamics NASSCO, County of San Diego, AT&T Inc, and Scripps Health along with several other Fortune 500 companies. Naval Base — 25 Minutes - San Diego is home to the world's largest concentration of military installations, providing the region with more than 311,000 jobs and contributing $21 Billion annually in direct spending to the county. Naval Base San Diego, which is home to over 35,000 military personnel and civilians, is the only 20 minutes from Cota Vera. Also nearby is the west coast HQ of the Space and Naval Warfare Weapon Systems Command. This information gathering agency employs over 5,000 highly skilled military and civilian personnel, most of whom are engineers, computer programmers, computer scientists, and technicians. Mission Valley- 15 minutes — Mission Valley contains 7.1 million SF of office space and approximately 50,000jobs. It is home to major national corporations, insurance companies and other business service firms such as TD Ameritrade, Hyundai Translead, MetLife, Blue Shield, Health Net and State Farm Insurance. Additionally, because of proximity to Space and Kearny Mesa — 35 minutes - is one of San Diego's densest employment centers, with nearly 120,000 jobs in an eight square mile area. The area is home to a high concentration of leading aerospace and defense firms such as Northrop Grumman, BAE Systems, Raytheon, and Cubic Corporation. Jack in the Box HQ is also here. UTC / Sorrento Valley — 40 Minutes — With approximately 91,000 jobs and 240,000 SF of office space, UTC is home to major employers such as UC San Diego (35,831 enrollment), Qualcomm (HQ), Pfizer Pharmaceuticals, and Petco (HQ). BERKADIA Page 122 RESIDENCES AT ESCAYA CITAY RANCH SAN DIEGO , CA Otay Ranch Otay Ranch is located in the eastern side of Chula Vista, California, 15 minutes south of San Diego's Mission Valley area, and approximately 25 minutes south of Downtown San Diego via Interstates 805 and 5. "Otay Ranch has been voted the US ten (10) best master planned communities by Urban Land Institute for many years in a row." Residential Otay Ranch was originally planned with eleven (11) "villages" with mixed-use areas and community serving schools and parks each surrounded by a variety of housing types. The planned residential densities within the community range from a low of 3.0 units per acre to a high of 50+ units per acre. Of the 18,110 units originally planned for the 1st section of the Otay Ranch, just over half, 52%, are multi- family units. Commercial The Otay Ranch General Plan includes 335.9 acres for commercial development. Heritage Town Center (photographed) has been developed as a mixed-use area with approximately ninety-one (91) residential units built over 38,000 square feet of retail. Otay Ranch Town Center has been developed as a 656,000 square foot regional retail and entertainment center with over 150 retailers. There are also 162.5 acres of land in the community planned for industrial uses. Public To date there have been seven public schools built at Otay Ranch, five elementary schools and two high schools. The master plan also has a fire station, public library branch and a number of public parks. Approximately 375 acres of the community have been set aside for a university campus which is currently in the planning process (no university has committed to the site yet). Open Space The Otay Ranch Preserve is a hard -lined preserve located to the west of the developable portion of the plan. It includes over 11,000 acres to be set aside as mitigation for the master plan development. The preserve connects with the community's open space system which at build out will be nearly half of the master plan. BER"DIA Page 123