By JOSH FRIEDMAN
A venture capital firm has divulged plans for the construction of a multi-family neighborhood on the former Dalidio property in San Luis Obispo, now owned by developer Gary Grossman and known as San Luis Ranch.
Development firm Presidio Residential Capital announced on Tuesday plans for 296 townhomes, condominiums and efficiency condos to be built on San Luis Ranch. The cluster of multi-family housing will be called The Orchard.
The Orchard development within San Luis Ranch will consist of a series of three projects.
Grossman’s development firm Coastal Community Builders will construct 96 condominiums that will be known as Harvest Vista. Another development firm, Williams Homes, will build a collection of 80 townhomes that will be called Fig. A third cluster of 120 efficiency condos, dubbed Harvest Lofts, is slated for future development.
Presidio Capital, which provides funding for high-tier residential developers, is providing funding to the builders involved in the multi-family housing project.
Grossman’s Harvest Vista community will consist of two- to three-bedroom homes ranging from 950 to 1,140 square feet. Prices for the condominiums will start in the high $400,000s.
Williams Homes’ Fig community, will consist of farmhouse-inspired townhomes that will be three-bedroom, two- to three-story open concept designs ranging from 1,346 to 1,501 square feet. Prices will start in the high $500,000s.
The Harvest Lofts community is intended to be for young professionals, couples and anyone looking for a more affordable home. The community will have studio and one-bedroom condos, ranging from 380 to 580 square feet with prices projected to start in the mid $300,000s.
Residents of all three communities will have access to the Harvest Club, a gathering area within The Orchard that will include an 1,800-square-foot multi-purpose center with a community room and pool.