Development in San Pedro-Ponte Vista
The final EIR for Ponte Vista was presented a few months ago with a proposal of 830 units, including 208 single family homes, 224 2 story town homes with garages (think Gardens,) 180 multi-level “flat” condos (a la the Vue) and 218 apartments…which will no doubt be exactly the same, and probably interspersed with the condos…the term apartment usually is used for rental properties vs. condo for sold. The EIR says “up to” 218 units will be rentals (apartments.)
The 830 units will be from 600 sf (that’s incredibly tiny) to 2800sf…If you’ve been in the small units at Miraleste Canyon Estates..a 2 bedroom is about 1100sf.
Currently 245 single family homes sit on the property with some other large buildings never utilized as living space.
The developers would like to build 13.5 units per acre…that’s 3226 SF per unit…Or about a half size lot for most of San Pedro….Pretty dense.
The development will be gated and no public space will be inside the gates…
The developer is iStar Financial (Credit Suisse who took to property back from Bisno is an investor) whose business is investment and financial…They’re likely going to make their money on doing all the financing on the sale of units within Ponte Vista. Typically new developments aren’t “lendable” by traditional lenders and so purchasers have only one option…to use the development lender…which will be iStar Financial or a subsidiary.
iStar’s Exec. VP is a contributor to Janice Hahn:
|4/4/2011||$500||Janice Hahn[about]||CA House 44||Magee, Steven||Finance, Insurance & Real Estate [about]||Executive Vice President / Istar Financial||COLLEYVILLE||TX||76034|
|3/28/2012||$500||Janice Hahn[about]||CA House 44||Magee, Steven||Finance, Insurance & Real Estate [about]||Executive Management / Istar Financial||COLLEYVILLE||TX||76034|
Public statements are now closed and there should be a response within a few months…The implications on the surrounding area are great…Traffic, quality of life and surrounding property values will all be affected.