Lennar has acquired a 41.5-acre site in Rancho Penasquitos from its development partner and is moving ahead with construction of a 601-home community.
Pacific Village is a partnership between Lennar and Atlantic Pacific Companies. Lennar has acquired the property, and the two companies will continue a multi-phase development that is expected to be completed in 2020.
“Pacific Village will create home ownership opportunities for everyday San Diegans, while delivering a number of benefits to the community,” said Kevin Nolen of Cushman & Wakefield, which represented Lennar in the transaction. “This new community will allow residents to own homes in the community they serve, while also offering mortgage and lending options with a wide variety of programs for first-time home buyers.”
Located off of Carmel Mountain Road, at the northwest corner of Route 56 and Interstate 15, Pacific Village will feature 99 single-family homes, 105 triplex homes, 120 townhomes, and 277 apartments.
The project is taking the place of the old 332-unit Penasquitos Village affordable housing neighborhood.
Pacific Village will include $10 million in community improvements, such as a bike lane along Carmel Mountain Road, new traffic signals on Carmel Mountain Drive, and a sound wall along I-15.
The community will incorporate sustainable design and energy-saving elements, including solar powered homes, home automation, accommodations for electric vehicle charging stations, and water-smart design.
“Pacific Village is focused on smart growth-oriented housing that is close to jobs and transit, and connectivity that promotes walking and biking to nearby amenities and activity centers,” said Bill Ostrem, San Diego division president for Lennar.