Fund III

Continental Villages

Historical

Continental East Development (CED) in 2010 purchased the + 19-acre site from Central Pacific Bank of Hawaii. With an ideal location next to Moreno Valley College CED’s management team recognized the site was an attractive development opportunity. Completion of the purchase was yet another example of CED’s ability to identify, acquire and develop undervalued properties with long term investment goal to create profitable opportunities for our investors.

Phase I

The site was previously approved for the development of 227 market rate condo units. Working with the City of Moreno Valley, CED in 2012 obtained Planning Approval to re-entitle the site for a master planned mixed-use development. Site + 7 acres (125) market rate apartments with recreational clubhouse, swimming pool, and on-site amenities.

Site Progress

Rough grading complete
Underground utilities in process
Building foundations in process
Vertical construction scheduled for February 2019

Phase II (Previous Approval)

The balance of site + 11 acres. City of Moreno Valley Planning Commission approval to build a Residential Community consisting of 36 single family homes and 56 courtyard homes.

Changing Market Conditions

The City of Moreno Valley is targeting the Health and Wellness Industry. City officials are planning for substantial expansion to meet current and or future health care needs for the residents of Moreno Valley and the surrounding market areas. Moreno Valley is home to (2) major Medical Campuses; Kaiser Permanente Medical Center and Riverside University Health Systems Medical Center. Both medical campuses are in the planning stages or the process of significant expansions. Expansion of Medical services is creating market demand for more local jobs and the need of Moreno Valley to provide new residential housing and retail services.

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

What’s Next

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.