Entitlement Approvals for Continental Villages
During 2019, we have obtained entitlement approvals for Phase II from the City of Moreno Valley for its 8.7 gross acres. In addition, Phase III received entitlement approvals for the zoning changes from residential to commercial. We’re in the process of obtaining planning department entitlements for Phase III’s retail and commercial office space. We expect to have approvals by Spring 2020.
In November 2019, Continental Villages obtained a valuation appraisal from the CBRE of San Diego. The CBRE Group, Inc. is the world’s largest commercial real estate services and investment firm. In 2018, their revenues were $21.3 billion with more than 90,000 employees. (This excludes affiliate offices). The Fortune 500 has included since CBRE since 2008. Market value for Phase I at project stabilization is at $34 million.
During 2019, we have obtained entitlement approvals for Phase II from the City of Moreno Valley for its 8.7 gross acres. Phase III received entitlement approvals for the zoning changes from residential to commercial. We’re in the process of obtaining planning department entitlements for Phase III’s retail and commercial office space. We expect to have approvals by Spring 2020.
Continental Villages obtained the approvals from the City of Moreno Valley and County of Riverside to amend the overall 19+ acre parcel map. Phase I’s 7.4 gross acres are currently under construction. California is receiving some much-needed rain which caused moderate construction delays.
To learn more about Continental Villages, visit Continental East – Fund III, LLC.