New Homes Are Planned After $14.5M Purchase of Former Golf Course
Source: July 29, 2016 Lou Hirsh www.sdbj.com
An
affiliate of Manhattan Beach-based 33North Development Group has acquired a
114-acre former golf course site in San Diego’s Rancho Penasquitos neighborhood
for $14.5 million, with plans to develop a new residential community.
The
land is adjacent to the DoubleTree by Hilton hotel, at 14455 and 14551
Penasquitos Drive. A statement from the buyer said the property previously
operated as the Carmel Highland Golf Course, but was closed by a prior owner in
March 2015 due to escalating water and operating costs that exceeded revenue.
Details
on the housing planned for the site have not been finalized. The location is
near Carmel Mountain Ranch Road, west of Interstate 15.
“As we
proceed in our land use planning process, it’s crucial to take the time to
understand the surrounding community and its unique characteristics,” said Max
Frank, a partner in 33North Development Group. “Respectful listening is a core
principle of ours. So our initial steps will include connecting with the
residents of the Rancho Penasquitos community.”
The
statement said Frank and partner Jeff Warmoth have been involved in property
acquisition, entitlements, and residential community planning and development
for more than 40 years, primarily in California and Nevada.
“We
are committed to assembling a team of leading, sustainable land planners and
the best design professionals, as we repurpose this property and bring
increased value to the surrounding community,” Warmoth said in the statement.
The
seller of the former golf course property was an affiliate of Los Angeles-based
Laurus Corp.
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