New Approvals for Continental Villages

Continental Villages recently finalized necessary offsite and onsite underground utilities to supply the project with required water connections during the construction phase. The fire department also approved an emergency fire access plan to permit construction at the beginning of June. In addition, Phase I is now on the move with the dropping of lumber on June 18. Vertical construction has also commenced.

Last Quarter Continental Villages reported we received the City of Moreno Valley’s approval for planned Phase II entitlements. In addition, we also received the change of zoning approval to permit Phase III changes from residential zoning to commercial zoning. During the 2nd Quarter of 2019, Continental Villages cleared all California Environmental Quality Act (CEQA) approvals as required by the State of California and the City of Moreno Valley.

CEO, Al Rattan stated, “one of the toughest issues developers face in California is to develop projects that are financially feasible and also follow CEQA standards.” In addition, the CED team was able to mitigate the CEQA requirements successfully and by May 2019 had obtained all environmental approvals needed to allow both Phase II and III to proceed.

Due to additional amenities added to Phase I and a new planning vision for Phase II and III, the City of Moreno Valley Planning Staff asked CED to re-evaluate the accessing of the overall site. In addition, CED’s team also devised an upgraded circulation plan which accomplished the following:

• Phase I: 125 Multi-Family Apartments increased Visitor Parking and gated security entrances and direct access to Phase III.
• Phase II: 112 Multi-Family Apartments and Duplexes. Gated Security Entrances and direct access to Phase III.
• Phase III: New circulation road system will provide direct access to Phase II and III.

Recent re-entitlements and final project approvals significantly increased the market value of both Phases II and III. Upon build out the new market valuation for all phases is also forecasted to exceed $70 Million. In addition, Phase II could commence as early as the Spring of 2020. The community also expressed strong interest in the food and dining servicing portions of Phase III. Therefore, this will go before City Council for approval as early as September.

Lastly, to learn more about Continental Villages, visit Continental East – Fund III, LLC.