A partnership of Del Mar-based Davidson Communities has paid a reported $6.27 million for eight acres for a 13-home residential development called Crosby Enclave at Del Dios Highway and Bing Crosby Boulevard just outside the Rancho Santa Fe covenant.
Density transfers, a change in use and very limited development opportunities within the 92067 ZIP code has resulted in a property that has exploded in value.
Tor Investments, a Hamann Development-related entity, acquired the property for $750,000 in 2010. The Crosby property, which has the Rancho Santa Fe ZIP code despite being outside the covenant, was bought Friday from a unit of Carlsbad-based California West Communities.
California West, which had originally planned to develop the property for its own accounts, paid $1.25 million for the property in November 2012.
"That closed without entitlements," recalled David Santistevan, a Colliers International senior vice president who has handled the sale of this property multiple times. For the transaction that closed Friday, Santistevan was joined by Gunder Creager and Ciara Layne-Trujillo of the Colliers International Land Team, who represented both California West and Davidson.
Santistevan was expecting that California West Communities would be the builder, but said the $6.27 million offered by Davidson proved too good to resist. The plan, which is unchanged from California West's proposal, calls for the homes to be constructed on 7,000- to 8,000-square-foot lots. One home will be 2,800 square feet and the other 12 residences will range from 3,314 to 3,700 square feet. Prices have yet to be determined.
As explained by Santistevan, California West received its final approvals from the county Board of Supervisors in the fourth quarter of last year and has already been rough-graded. "Davidson could start on this project tomorrow," Santistevan said. “Davidson Communities, a company renowned for delivering luxury housing, will develop the last production lots in The Crosby,” Santistevan added. “It will also be one of the last projects of any significance built not only in The Crosby but in Rancho Santa Fe.”
The site within the 722-acre Crosby golf-oriented masterplan wasn't always considered for housing. It originally was intended for commercial/retail use but California West and Davidson deemed the property too valuable for such a use.
The project as currently conceived hasn't been universally loved.
Santistevan said the Rancho Santa Fe Association and the San Dieguito Planning Group had blasted the project, "but they also slammed Rancho Cielo and everything else out there." "The (homeowners association) at The Crosby loved the plan, however," Santistevan said.
The opponents had expressed concerns that the development would generate too much traffic at the Del Dios Highway and Bing Crosby Boulevard junction and that the rooftops would be visible from the highways.
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