FFOR SALEOR SALE - Lee & Associates · Apartment Rental Survey XII. Available Plans, Studies, Reports XIII. Demographics. FFOR SALEOR SALE LLAUREL CREEKAUREL CREEK - An Approved 9.25

FOR SALEFOR SALELAUREL CREEKLAUREL CREEK - An Approved 9.25 Acre Multi-Family Development Opportunity - An Approved 9.25 Acre Multi-Family Development Opportunity

Matt [email protected]

(760) 448-2458

Patrick Miller, [email protected]

(760) 929-9700

Steve [email protected]

(760) 929-7861

Trevor [email protected]

(760) 929-8134No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

VISTA, CAVISTA, CA

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(760) 448-2458


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Aerials I.

Executive Summary II.

Project Summary III.

Area Map IV.

Location Map V.

Tentative Map VI.

Plat Map VII.

Property Photos VIII.

Elevations and Floor Plans IX.

Site Improvements and Fee Estimates X.

Apartment Rental Survey XI.

Available Plans, Studies, Reports XII.

Demographics XIII.



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On behalf of Hall Land Co., Lee & Associates is pleased to offer for sale Laurel Creek. This 9.25 acre infill site is located in the City of Vista just north of the 78 Freeway and is accessed via the Emerald Dr. and Melrose Dr. exits. The site is located in the heart of the Tri-City area and is minutes away from Carlsbad, Oceanside, Tri-City Hospital, the I-5 Freeway and various retail and community amenities.

The subject property is flat to gently sloping and allows a buyer the opportunity to capitalize on one of the last large infill locations in North County San Diego. Laurel Creek offers a developer various alternatives including finalizing the existing approved tentative map for 94 attached units and hold the property, building out and selling or renting the units, redesigning the map to take advantage of underlying zoning (R-21, 21 du/acre), developing a senior housing facility, or pursuing an affordable housing opportunity with tax credit funds potentially available with the City of Vista. All buyers are responsible for researching these available alternatives with the City of Vista.

This offering is one of the only approved development sites in North County San Diego that is priced accurately to reflect current market conditions.



(760) 448-2458


(760) 929-9700


(760) 929-7861



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APNS 166-080-16,18,19,65,79,80 166-110-40,41

Thomas Bros. Page 1087 D7

Gross Acreage 9.249 acres

Zoning High Density Residential (RM-21)

Max Units Allowed Based on Zoning

194.229 units (21 du/ac x 9.249 ac)

Affordable Housing Using the State’s Affordability Calculator there is a density bonus between 20%-35%.

Senior Housing Using the State’s Senior Housing Calculator there is a possible density bonus of 20%. The development of senior housing does not preclude the City mandate for affordable housing.

Minimum Units Allowed Based on Density Bonuses

233.075 units (194.229 x 20% bonus) Buyer to verify all density bonus calculations



(760) 448-2458


(760) 929-9700


(760) 929-7861



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Current Approved Project Stats

94 units10.16 du/ac6% of the units to be affordable at 80% of the area median incomeUnit Mix: 48 interior units at 1,387 sq. ft. - 2 bed, 2.5 baths

46 end units at 1,541 sq. ft. - 3 bed, 2.5 bathsTuck under garages with two stories of living space above

23 total buildings: 13 tri-plexs7 five-plexs1 six-plex2 seven-plexs

Mello-Roos: noneCFD: not in a CFD districtGate guarded community with 2 pools, pedestrian bridge, dog park and green belts

Purchase Price $5,000,000



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TENTATIVE MAP



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View Looking South

Neighborhood to the EastView Looking Northeast



(760) 448-2458


(760) 929-9700


(760) 929-7861



VISTA, CAVISTA, CA

ELEVATIONS AND FLOOR PLANS



(760) 448-2458


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TOTAL PER UNIT (94)Map Fees $429,282 $4,566 Building Fees $2,215,482 $23,569 Subtotal Fees $2,644,764 $28,391 Site Development Costs Professional Fees $399,300 $4,248 Grading $659,181 $7,013 Storm Drain $363,647 $3,869 Streets $1,964,529 $20,899 Landscaping $688,695 $7,327 Walls $726,081 $7,724 Offsites $260,820 $2,775 Reimbursements ($209,800) ($2,232) Subtotal Site Development Cost $4,852,453 $51,622

TOTAL COSTS $7,497,217 $80,013 All figures are based on estimates last updated in January of 2008. Hall Land Co., a division of an experienced homebuilder in San Diego County for 30 years, is the seller. They have seen a steady drop in costs and feel additional savings can be realized. A brief description of each category is as follows:

Map Fees: The Seller has already paid $400,000 for wetlands mitigation and non-native grassland mitigation. There are still about $250,000 of costs for endowing the property to a conservancy group and monitoring it. Remaining map fees are for bonds, inspections & plan check fees.



(760) 448-2458


(760) 929-9700


(760) 929-7861



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Building Fees: School, sewer, water, etc. Also includes a $216,320 in-lieu fee for one affordable housing unit (This is for the fractional inclusionary requirement of .64 that we are paying an in-lieu fee to the City rather than building 1 additional unit. Calculation is subject to verification by buyer with City.) If the entire project was an affordable housing project that fee would be waived.

Professional Fees: Civil engineering, staking, bio monitoring, landscape architect, etc.

Grading: Includes erosion control measures.

Storm Drain: Typical storm drain costs.

Streets: Water, sewer, asphalt, paving, utilities, etc.

Landscaping: Includes revegetation/onsite mitigation costs and costs for the pool and clubhouse.

Walls: Retaining walls and perimeter fencing.

Offsites: Upgrading 300 feet of sewer line to be connected into, as well as building a cul-de-sac at the terminus of Durian Street on the north side of the property.

Reimbursements: Electric & gas meter reimbursements plus grading bond reimbursement.

The site balances, meaning no import or export of dirt.

All environmental permits have been issued, but will have to be amended and modified at buyer’s own risk if they change the project. These permits secure the current design and approved project and Seller doesn’t warrant approval under the old permits on a new design.



(760) 448-2458


(760) 929-9700


(760) 929-7861



VISTA, CAVISTA, CA

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Apartment Rental Survey

The following apartment rental survey includes all of the City of Vista.

1 bedroom – 712 sq. ft. - $1.45 psf2 bedroom – 940 sq. ft. - $1.30 psf3 bedroom – 1,219 sq. ft. - $1.22 psf



(760) 448-2458


(760) 929-9700


(760) 929-7861



VISTA, CAVISTA, CA

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Mitigated Negative DeclarationMitigation Monitoring ReportConditions of ApprovalTitle ReportSite PlanTentative MapThird Plan Checked:

Grading Plan• Improvement Plans• Final Map•

Conceptual Landscape PlansPhase IDevelopment ScheduleEnvironmental Permits (401, 404, and 1602)Soils ReportUpdated Biological Report LetterElevationsFloor PlansMitigation Agreements and Private Agreements for cul-de-sac



(760) 448-2458


(760) 929-9700


(760) 929-7861



VISTA, CAVISTA, CA

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1 Mile 3 Miles 5 Miles

2012 Projection2007 Estimate2000 Census

22,22621,35620,710

143,587137,502132,809

294,997280,435267,307

Growth 2007-2012Growth 2000-2007Growth 1990-2000

4.08%3.12%23.37%

4.43%3.53%25.97%

5.19%4.91%21.42%

2007 Estimated Population by Single Race ClassificationWhite AloneBlack or African American AloneAmerican Indian and Alaska Native AloneAsian AloneNative Hawaiian and Other Pacific Islander AloneSome Other Race AloneTwo or More Races

21,35612,0121,1642081,0782935,3031,297

137,50287,3005,6851,0627,4401,14725,5717,296

280,435181,73411,5462,28015,4452,60351,56715,260

2007 Average Household Size 3.12 2.92 2.87

2007 Estimated Households by Household IncomeLess than $15,000$15,000 to $24,999$25,000 to $34,999$35,000 to $49,999$50,000 to $74,999$75,000 to $99,999$100,000 to $149,999$150,000 to $249,999$250,000 to $499,999$500,000 or more2006 Estimated Average Household Income2006 Estimated Median Household Income2006 Estimated Per Capita Income

6,7844805137031,1771,7641,0377872684114$66,480$57,347$22,595

46,2913,3123,7564,7177,00710,5316,8546,8962,593461163$72,965$60,333$25,191

95,9996,9667,8359,77114,98721,04413,60414,4425,7441,207399$74,431$60,028$25,959

Documents

FFOR SALEOR SALE - Lee & Associates · Apartment Rental Survey XII. Available Plans, Studies, Reports XIII. Demographics. FFOR SALEOR SALE LLAUREL CREEKAUREL CREEK - An Approved 9.25