USACRC Project V – Continental Villages received approval on its I-924 Exemplar Filing from the USCIS. The approval of I-924 Exemplar Filing gives Continental Regional Center the pre-approval for Project V. In August 2018, our first investors received approval on their I-526 petitions. This is excellent news indeed. Congratulations to our investors.
CED’s largest to date master-planned community is Continental Villages. The site area exceeds 19 acres and the plan will take place over three phases. The estimated market evaluation for the development exceeds $70 million. Phase I consists of 7.2 acres, Phase II consists of 8.4 acres, and Phase III consists of 3.4 acres in Moreno Valley, California.
Moreno Valley is enjoying rapid growth, and what is facilitating this is e-commerce centers. Large distribution centers, more than a million square feet at a time. With robotics, new high-tech jobs are running distribution facilities, such as Amazon, take products that are coming from Los Angeles port and redeploy them into Moreno Valley. They then send them off throughout Southern California. This distribution process is resulting in more jobs, and that translates into a high rate of apartment occupancy for Moreno Valley.
Al Rattan, the President of CED, shares that what makes real estate successful is, “location, location, location.” According to Al, the site location of Continental Villages has all of that. It’s directly adjacent to Moreno Valley Community College. It’s located within a short mile from the county medical center. From Continental Villages’ inception it has all the amenities to make it a great success.
Phase I of Continental Villages will consist of 125 apartments. Construction is well underway with our underground utilities in progress. Installation and inspection of the trenches and rough plumbing are complete. Foundation rebar is complete, and the placement of concrete foundations is underway. The first sequence of Phase I will tentatively open 60 apartments in the Summer of 2019. Followed by a second sequence of 65 apartments in 2020.
Based on strong multi-family market demand, CED is in the process of obtaining new entitlements to develop a second multi-family phase development and a third phase which will include planned retail. This new phasing program and entitlements will require approvals from the city of Moreno Valley Planning Commission and Moreno Valley City Council approvals. The anticipated public review and hearing process will be scheduled in December 2018.