Final Component of the La Costa Town Square Mixed-Use Development Sold in Carlsbad, CA
Land Advisors Organization is pleased to announce the sale of the final component within the La Costa Town Square mixed-use development, consisting of 76 for-sale townhomes and 19 affordable apartment units within the heart of the La Costa Oaks neighborhood in Carlsbad to private builder, Woodside Homes.
The La Costa Town Square development is North County’s newest shopping center of 284,000 square feet, with retailers including Vons, 24 Hour Fitness, Petco, and Michaels. In addition to these retailers are a variety of restaurants including Bushfire Grill, Chipotle Mexican Grill, and the Habit Burger Grill, offering endless options for future residents.
“Closing the La Costa Town Square townhome parcel is a really important event for Woodside Homes. We are excited to plant a flag in the coastal SoCal market and we look forward to developing a very successful lifestyle-oriented community in Carlsbad,” says Chris Chambers, Division President at Woodside Homes. He continues, “Land Advisors did an excellent job facilitating the transaction and we are actively seeking additional opportunities in the San Diego and Orange County markets, where our senior management team has years of experience.”
La Costa Town Square was previously approved for 55,000 square feet of office space in addition to the 284,000 square foot shopping center, but those plans fell to the wayside when the pandemic hit. In a previous article written in The Coast News, Byron de Arakal of TRC LLC said the company had to pivot to housing as office demand was projected to drop, and while the state was being aggressive in providing housing to address the affordability and inventory crisis.
According to Zonda, residential building permit activity has increased 16% year-over-year to an annualized rate of 9,971 units in April 2021 within San Diego County. In this 12-month period, multi-family permit issuance increased 26.4% to 7,104 units, while single-family permits decreased 3.7% to 2,867 units. This shift from single-family projects to multi-family projects stems from the lack of land designated for housing, increased pricing, and the state-certified housing plan requiring communities to build a certain number of homes each year.
“Infill properties in North County San Diego Coastal are becoming rarer to find, making this transaction a big win for Woodside. We know they will create a special community to compliment the La Costa Town Square,” says David Landes, Vice President at Land Advisors Organization. “Both parties were a pleasure to work with.”
The San Diego County and Master Planned Community Land Teams at Land Advisors Organization consisting of David Landes, Steve Nazaroff, Chris Shiota, and Kwame Do, represented the Seller, a privately held retail developer, in this transaction. Terms of the deal are confidential.