Local firms Cornerstone Communities and Presidio Residential Capital are in escrow to purchase the Carlton Oaks Country Club in Santee -- and that's just the beginning of what they have planned for the San Diego region.
Ure Kretowicz, Cornerstone chairman and CEO, said the Santee property -- which includes a 56-room hotel and restaurant -- will be surrounded by about 250 multifamily residences in two-story triplex and three-story row-home configurations.
"We're keeping the golf course," Kretowicz said.
Kretowicz said he is planning major upgrades to the clubhouse, improvements to the golf course and a restaurant.
It is difficult to tell exactly sure when the escrow will close. Kretowicz said. The city still needs to approve an environmental impact report, along with approvals for the overall project.
According to county records, the property's owner is Ty Investment, Inc., which lists the same address as the golf course: 9200 Inwood Drive. Toru Mise is listed as the company president.
While the city of Santee processes plans for Carlton Oaks, Cornerstone has a full plate.
On Aug. 1, Cornerstone and Presidio -- with Don Faye as principal -- paid $25 million to acquire 28 acres for Terraza, a planned 338-unit apartment development at the northwest corner of College Avenue and Old Grove Road in Oceanside.
The luxury complex will be on the last residential parcel within the Rancho del Oro masterplan. Faye was an executive with the Corky McMillin Cos. before co-founding Presidio in 2007.
Gunder Creager, David Santistevan and Ciara Layne-Trujillo -- of Colliers International --represented the seller, RDO Village Investment LLC, and the buyer, Presidio Cornerstone Master LLC.
Terraza will be comprised of one bedroom/one bathroom, two bedroom/two bathroom and three bedroom/two bathroom units with high-end amenities.
Some of the features at Terraza will include a resort-level clubhouse with an Olympic-size swimming pool, spa, barbecue area, conferencing center, video arcade, gourmet kitchen and "tot lots" scattered throughout the community.
Kretowicz, who said he expects to begin marketing the Terraza units in the spring of next year, said construction should be completed within a year later. The 338 units are expected to be built in a single phase.
At the junction of Caliente Road and state Route 905 on Otay Mesa, Cornerstone is grading roads for a total of 414 homes in two developments, known as Maravilla and Esperanza, within the Vista del Sur masterplan.
Maravilla offers floorplans ranging from 1,331 to 1,680 square feet.
All homes offer three bedrooms, 2.5 baths plus a two-car side-by-side garage; a loft is included in Residence 3. Residence 1 features a private-entry courtyard.
Esperanza residences range from 1,550 to 1,824 square feet in thee- and four-bedroom configurations. All homes include central air conditioning and a two-car, attached garage.
Kretowicz said Cornerstone is in the process of completing a 111-unit triplex development known as Veranza in EastLake in Chula Vista, and is wrapping up 295 duplex and row-home development known as Magnolia in the Old Creek Ranch masterplan in San Marcos.
A bit to the north, the French Valley Airport in southwest Riverside County, Cornerstone is planning to develop 260 detached homes.
With mapping for that single-family development underway, grading is expected to start in November, if weather permits.
Kretowicz -- whose firm is also planning at least 700 homes in conjunction with Presidio in the Central Valley -- said he particularly loves building in San Diego County, despite many iof his friends in the industry having fled the area for easier places to build.
San Diego is at the epicenter of military, high-tech and biotechnology industries, "and it looks like it's going to be strong until at least 2018," Kretowicz said.