June 27, 2021 —
Construction is starting on a nearly $1.3 billion housing project by HomeFed Corp. of Carlsbad that covers 868 acres in Otay Ranch that will ultimately have more than 2,700 homes and more than 2,100 rental apartments.
The Cota Vera development will be built in two phases, with the first phase expected to be finished in four to five years with a second phase to follow, said Kent Aden, president HomeFed. The first phase of the project will include about 2,000 homes, Aden said. The second phase will have about 1,700 for-sale homes and about 996 rental apartments. Cota Vera is the second master-planned community for HomeFed in Otay Ranch. The company in partnership with Shea Homes, Lennar, and Brookfield Residential has completed the 450-acre Village of Escaya. Aden said demand for housing is so intense that Escaya sold out faster than anticipated.
Read the full article in The San Diego Business Journal.