The highly desirable San Diego-area community of Carlsbad has been rallying around a new development that residents were split on its presence. Famed Los Angeles developer Rick Caruso first announced plans for a large outdoor shopping and entertainment center in Carlsbad in 2012. After debating with locals on what exactly that center will entail, Caruso has announced more concrete plans of the space, which includes a large portion of open space.
Residents of Carlsbad were concerned with the possibility that open space would be depleted, but Caruso is taking strides to please the region’s residents.
“We have learned that Carlsbad wants new access to open space, preservation of its beloved strawberry farming and additional ways to enjoy Carlsbad,” Caruso told the Los Angeles Times. He said the plan “will accomplish all of these goals, while preserving and protecting the lagoon, coastal habitat and agriculture.”
Caruso is the same developer behind The Grove shopping center in LA and is now working with the 203 acres of land at the intersection of Interstate 5 and Cannon Road in Carlsbad, which is located on the south shore of Agua Hedionda. Caruso called his proposed plan the Agua Hedionda 85/15 plan because it will preserve 85 percent of the land as open space and the remaining 15 percent will be developed as the shopping center.
The 176 acres of open space will be dedicated to strawberry farming and will boast miles of hiking trails and picnic areas, while revenue from the shopping center will help to maintain that space.
“This plan lays the groundwork for a unique alliance between the agriculture community and local environmental advocates,” said Maureen Simons, chairwoman of the Agua Hedionda Lagoon Foundation, which voiced its support for the proposal May 12. “We are particularly impressed that the plan includes new filtration systems and environmentally friendly designs that protect the lagoon, at no cost to taxpayers, while safeguarding the watershed, habitat and wildlife.”
More information on the proposed retail and entertainment center is expected within the coming weeks.
Carlsbad home owners may benefit from the project
Carlsbad is already an in-demand community in the area, but a project like this is sure to attract even more home buyers to the region. According to Altos Research, a California-based real estate analytics company, the median single-family home value in Carlsbad was reported at $895,527 as of May 8. The seven-day average shows that the median home value in Carlsbad is even higher at about $939,000.
There are currently about 247 available homes in Carlsbad, which is just a sliver higher than the inventory reported last year. Trends show that inventory is working its way up as the summer season gets underway and the homes that are available are being snatched up at an increasingly fast pace. The average Carlsbad home is listed for about 84 days for the 90-day average and about 70 days for the seven-day average.
If you’re interested in learning more about Carlsbad luxury homes, give us a call. Our experienced team of real estate professionals are here to assist you in your search to find the perfect home.