COASTAL DEVELOPMENT OPPORTUNITY POTENTIAL 3 LOTS 1.08 ACRES

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1 Access from Pio Pico Drive Through New Shea Homes Development on Lanai Court Pacific Ocean and Buena Vista Lagoon Views Zoned R-1 (7,500 SF Minimum Lot Size) General Plan (Maximum 4 DUs/Acre - Potential 25% Bonus) Area of $1,000,000 - $1,500,000 Homes Sale Price: $875,000 Jefferson St Carlsbad Blvd W Buena Vista Lagoon Las Flores Dr Pio Pico Dr Subject Property Jefferson St Lee & Associates-North San Diego County 1900 Wright Place, Suite 200, Carlsbad, CA T: F:

2 PAGE CONTENT 3 ACCESS MAP 4 AERIALS 6 LOCATION MAP 7 PROPERTY INFO 8 GENERAL PLAN LAND USE MAP 9 DEVELOPMENT IMPACT FEES 10 PLAT MAP 11 COMPARABLE HOME SALES SUBJECT PROPERTY Jefferson St N No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice. Lee & Associates-North San Diego County 1900 Wright Place, Suite 200, Carlsbad, CA T: F:

3 ACCESS MAP Jefferson St SUBJECT PROPERTY Pio Pico Drive Lee & Associates-North San Diego County 1900 Wright Place, Suite 200, Carlsbad, CA T: F:

4 Jefferson St AERIALS SUBJECT PROPERTY Pio Pico Drive Lee & Associates-North San Diego County 1900 Wright Place, Suite 200, Carlsbad, CA T: F:

5 AERIALS Carlsbad Blvd Carlsbad Village Dr Buena Vista Lagoon Vista Way Jefferson St Las Flores Dr Pio Pico Drive SUBJECT PROPERTY Lee & Associates-North San Diego County 1900 Wright Place, Suite 200, Carlsbad, CA T: F:

6 LOCATION MAP CAMP PENDLETON VISTA FALLBROOK PALOMAR MOUNTAIN OCEANSIDE SUBJECT PROPERTY CARLSBAD PALOMAR AIRPORT SAN MARCOS ESCONDIDO ENCINITAS CAL STATE SAN MARCOS 78 SOLANA BEACH SAN DIEGO COUTNRY ESTATES VISTA WAY N DEL MAR POWAY CARLSBAD BLVD YOURELL AVE SPRUCE ST LAS FLORES DR LAGUNA DR CARLSBAD VILLAGE DR Lee & Associates-North San Diego County 1900 Wright Place, Suite 200, Carlsbad, CA T: F:

7 PROJECT INFO LOCATION: The subject property is located at the southeast corner of Jefferson Street and Interstate 5, near the Buena Vista Lagoon in Northern Carlsbad. This property provides a rare and unique opportunity for builders and developers to capture the thriving demand for upscale, coastal homes with beautiful ocean views. Adjacent to I-5 and approximately 1/3 mile from CA Hwy 78, this site will provide commuters with convenient access throughout San Diego, Orange and Riverside Counties. Within the highly desirable neighborhood of Olde Carlsbad, the subject property retains proximity to quality rated schools, local parks, pristine beaches, the Carlsbad Premium Outlet Mall, Westfield Mall - Carlsbad, and Carlsbad Village. Buena Vista Lagoon JURISDICTION: City of Carlsbad APN # & ACREAGE: Acres ZONING: GENERAL PLAN: TOPOGRAPHY: MIN. LOT SIZE: MAX. LOT COVERAGE: 40% INCLUSIONARY HOUSING: ACCESS: R-1 (Single Family Residential) Click here for Zoning Information Approx..95 Acres/ (Residential Low Medium) Maximum 4 DUs/AC - Potential 25% bonus* Approx..13 Acres/O-S (Open Space) - Buyer to verify Click here for General Plan Land Use Element *Click here for City Council Policy # 43 Flat/Gently Rolling 7,500 Square Feet 15% of Units - Can be 2nd dwelling unit on lot Click here for Inclusionary & 2nd Dwelling Unit Information The property will have access from Lanai Court through the new Shea Homes development on Pio Pico. COASTAL COMMISSION: SITE DESCRIPTION: SCHOOL DISTRICT: SUBJECT PROPERTY Although the property is in the coastal zone, no approval is required from the Coastal Commission since the property is located in an approved coastal zone. All approvals are required from the City of Carlsbad only. The subject property consists of 1.08 acres. The property is currently unimproved and is zoned for a maximum of 3 lots, however, no entitlements have been processed to date. Carlsbad Unified School District Buena Vista Elementary API Valley Middle School API Carlsbad High School API SERVICES: Water/Sewer City of Carlsbad Gas/Electricity San Diego Gas & Electric Fire Carlsbad Fire Department Police Carlsbad Police Department Lee & Associates-North San Diego County 1900 Wright Place, Suite 200, Carlsbad, CA T: F:

8 GREGORY DR COASTAL DEVELOPMENT OPPORTUNITY RH POTENTIAL 3 LOTS 1.08 ACRES OS STATE ST V RLM BUENA VISTA CR RMH/O KREMEYER CR p. 13 RMH/O CABRILLO PL DAVIS PL DAVIS AV LEWIS LN RMH/O V O STRATFORD LN LAGUNA DR G Proposed General Plan Land Use p. 1 OS OS YOURELL AV GENERAL PLAN LAND USE MAP OS JEFFERSON ST NIKI LYN N P L BUENA PL TUTTLE ST TC O LAS FLORES DR PIO PICO DR OS CIPRIANO LN SPRUCE ST P FOREST AV BUENA VISTA WY CYNTHIA LN p. 8 STATE ST V Feet I O V BUENA VISTA CR OS KREMEYER CR R-23 LAGUNA DR p. 13 /O CABRILLO PL KNOWLES AV DAVIS PL Lee & Associates-North San Diego County 1900 Wright Place, Suite 200, Carlsbad, CA T: F: DAVIS AV LEWIS LN VC V O STRATFORD LN Document Path: J:\Requests2010Plus\ComEconDev\Planning\ _13\PlanningCommissionMapbooks\Revisions24June2015\PlanningCommissionMapBook_GPLUChanges11x17.mxd Page 7 8

9 DEVELOPMENT IMPACT FEES Estimated Development Impact Fees Per Approximate 3,500 SF Single Family Residence Item School Fee ($3.36/SF) Drainage Fee - Low Runoff ($6,209/Acre) * Water Connection Fee (5/8" Meters) SDCWA Capacity Fee Sewer Connection Fee Park Fee Public Facilities Fee (3.5% of Building Valuation) ** Traffic Impact Fee TOTAL PER SFD Amount $11,760 $2,235 $3,934 $4,681 $881 $7,649 $12,250 $3,160 $46,550 * Assumes 3 Lots ** Building valuation estimated at $100/SF for analysis purposes Lee & Associates-North San Diego County 1900 Wright Place, Suite 200, Carlsbad, CA T: F:

10 PLAT MAP Lee & Associates-North San Diego County 1900 Wright Place, Suite 200, Carlsbad, CA T: F:

11 RESALE COMPARABLES COMPARABLE HOME SALES Num MLS # Status Style FllAdd ZipArea Beds TotB COEDate LotSFApx EstSF DOM LP $/EstSF SP $/EstSF SOLD DET 2902 Austin Terrace CARLSBAD (92008) 5 3 3/4/2015 8,517 3, $1,049,987 $ $1,029,500 $ SOLD DET 2816 Highland Drive CARLSBAD (92008) 3 3 1/12/2015 8,936 3, $1,075,000 - $1,150,000 $ $1,100,000 $ SOLD DET 1170 Chestnut CARLSBAD (92008) 3 3 7/9/ ,000 2, $1,195,000 $ $1,139,500 $ SOLD DET 3135 Canyon CARLSBAD (92008) /13/2015 3, $1,099,000 - $1,199,000 $ $1,099,000 $ SOLD DET 1644 Brady CARLSBAD (92008) 4 4 8/3/ ,200 3, $1,299,000 $ $1,280,000 $ SOLD DET 1811 Oak CARLSBAD (92008) 3 5 8/23/2015 3, $1,299,000 - $1,399, SOLD DET 1815 Oak CARLSBAD (92008) /16/2015 4, $1,399,000 - $1,449, SOLD DET 1600 BUENA VISTA WAY $ $1,349,000 $ $ $1,399,000 $ CARLSBAD (92008) 4 5 4/15/ ,077 3, $1,699,000 $ $1,500,000 $ Avg $1,305,122 $ $1,237,000 $ Min $1,049,987 $ $1,029,500 $ Max $1,699,000 $ $1,500,000 $ Med $1,249,000 $ $1,209,750 $ NEW HOME COMPARABLES Project Builder City Open Date Type Lot Size Min. Unit Size sq ft Max. Unit Size sq ft Min. Price Max. Price Total Units Planned Total Units Sold Total Units Remaining Average Sales Rate Zip Arterro at La Costa Davidson Communities Carlsbad 2/1/2014 Detached $949,900 $1,239, Casero Lennar Carlsbad 3/14/2015 Detached $889,990 $1,040, Insignia Carlsbad City Ventures Carlsbad 3/21/2015 Detached $1,100,000 $1,400, Montecina Taylor Morrison Carlsbad 10/25/2014 Detached $740,798 $985, New Crest Court Davidson Communities Carlsbad 10/11/2014 Detached $1,028,900 $1,281, Palo Verde at the Foothills Brookfield Residential Carlsbad 8/1/2013 Detached $839,690 $942, Southern Preserve California West Communities Carlsbad 2/7/2015 Detached $1,205,000 $1,325, The Enclave at Buena Vista KLC BV Carlsbad, LLC Carlsbad 6/6/2015 Detached $983,990 $1,175, Pio Pico Shea Homes Carlsbad TBD Detached ,600 TBD TBD $1,000,000 $1,200, N/A Lee & Associates-North San Diego County 1900 Wright Place, Suite 200, Carlsbad, CA T: F:

12 For More Information, Please Contact: CA Lic# CA Lic# CA Lic# Lee & Associates-North San Diego County 1900 Wright Place, Suite 200, Carlsbad, CA T: F: