Presidio Residential Capital, headquartered in San Diego, working with Visalia-based development company San Joaquin Valley Homes, is investing $23 million to build five new communities in Tulare and Kings counties. The developments will add 732 new homes to the Valley’s rapidly expanding housing market.
“The San Joaquin Valley is developing quickly, and this partnership allows Presidio to play a major role in providing much-needed housing,” said Presidio Residential Capital Principal Don Faye. “With this new homebuilding operation, we can do something we do very well – capitalize on an underserved market.”
The company is slated to begin work this summer on its newest project, which consists of 95 lots in northwest Visalia. The development will be the company’s first move-up project, with house sizes expected to range between 2,200 and 3,200 square feet. Sales are expected to begin in late summer and continue through the end of 2016.
The largest of the communities is Savannah, a 130-home development on 80 acres in Tulare, which broke ground last August. Designed by Sierra Design, the community at Cross and West Streets offers homes ranging from 11,390 square feet to 2,420 square feet on 7,000-square-foot lots. Model homes were unveiled during a grand opening in October 2013.
Offering 121 detached single-family homes in Hanford, Hartley Grove is a $36.5 million 50-acre community that broke ground in July 2013 and held its grand opening in September 2013. Also designed by Sierra Design, the development at 12th and Hume offers homes ranging from 1,390 square feet to 2,322 square feet on 7,000-square-foot lots.
Construction began in December 2013 at Chelsea Place, a 40-acre development with 155 lots at Maddox and Caldwell Streets in Visalia. The community, designed by Sierra Design, is offering 6,500-square-foot lots for detached single-family homes ranging in size from 1,575 square feet to 2,420 square feet.
Pheasant Ridge, a 76-unit development on West Hume Lake Drive in Corcoran, will offer 73 8,500-square-foot lots for detached single-family homes ranging in size from 1,260 square feet to 1,872 square feet. Construction began in January, and the project should be complete in two years.
Construction began last month at Catalina, a 71-unit development at Mooney and Kern Streets in Tulare. The community will offer 71 4,500-square-foot lots for homes ranging in size from 1,260 square feet to 1,575 square feet as well as a neighborhood park. Models are expected to open in May 2014, and build-out is expected to take two years.
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