Continental East Fund III, LLC
Continental Villages
Historical
Phase I
Site Progress
- Rough grading complete
- Underground utilities in process
- Building foundations in process
- Vertical construction scheduled for March 2019
Changing Market Conditions
We Listened
From the onset of actual new site construction, CED starting receiving further requests from residents and representatives of Moreno Valley College. They asked CED to consider modifying our approved development plans and to build a small commercial & retail center. Based on the positive feedback from the community, CED authorized new independent market studies which validated the following:
- A new master plan comprised of the second phase of market-rate apartments and duplexes would assist to support the communities request for a new retail center.
- Small commercial and retail center would be planned not to exceed 20,000 square feet.
New Mixed-Use Master Plan
- Phase 1: 125 market rate apartments construction in process
- Phase II: 112 market rate apartments and duplexes
- Phase III: Future 20,000 Square Feet Retail and Commercial Center
Phase II
CED on 1-24-19 received unanimous approval from the City of Moreno Valley Planning Commission. The revised master plan called for approvals to amend the land use designation from planned High Residential to only Medium Density and; to permit a general plan amendment to allow a Neighborhood Commercial Center.
Final project approval for the revised master plan will require the Moreno Valley City Council approval. Subject to receipt of the planned approval final project approval for Phase II could occur as early as March 2019. CED once obtaining project approval would proceed with finalizing and obtaining Phase III project approvals.
Project Update – Phase II & III
On March 5, 2019, Continental East Fund III presented the following amended project to the Moreno Valley City Council:
- General Plan Amendment
- Specific Plan Amendment
- Change of Zone
- Plot Plan approval for (112) unit apartment project
- Tentative Parcel Map 37514
Phase II received 100 percent City Council approval. During the meeting, they asked Al when CED will submit its plans for the anticipated Phase III Retail Phase. From all reports by the Mayor of Moreno Valley, the community is very supportive and eager for the retail portion of the project. Al reported that CED could submit Phase III as early as May 2019.
Plan Amendments
- Amending the land use designation for 2.84 acres (Parcel 2) from High-Density Residential to Neighborhood Commercial;
- Changing the land use designation for 8.80 acres (Parcel 3) from High-Density Residential to Medium Density Residential to construct multi-family housing.
Description of Future Project
Phase I: Now Under Construction consisting of 125 Market Rate apartments. Approved project density 18 units to the acre.
Phase II: + 8 acre-site with 112 units. Ninety-six two-story apartments and 16 two-story duplexes.
- 3800 square foot two-story recreational building with fitness center, community room and swimming pool.
- To accommodate more open space project density was reduced from 18 units to 13 units to the acre.
Phase III: + 2.84-acre site with planned future commercial and retail.
- Small commercial and retail center would be planned not to exceed 20,000 square feet.
New Mixed-Use Master Plan
- Phase 1: 125 market rate apartments construction in process
- Phase II: 112 market rate apartments and duplexes
- Phase III: Future 20,000 Square Feet Retail and Commercial Center