Moving Forward with Continental Villages
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 received some much-needed rain which caused moderate construction delays.
During 2019, we 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.
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 (excluding affiliate offices). In addition, since 2008, Fortune 500 included CBRE. Market value for Phase I’s project stabilization is valued at $34 million.
Lastly, to learn more about Continental East Fund III, LLC visit its project page.