An exciting new townhome development is coming to the BayPark community of Clairemont in San Diego. This will be the first meaningful new construction to hit the greater Pacific Beach area of San Diego since Lennar’s Bayside Cove development of 59 townhomes in Mission Beach in 2019. Toll Brothers appropriately named this new construction community Mira Vista, roughly translating to “check out the view”, given its canyonside location on the west side of Clairemont Drive immediately north of Dakota Drive. This unique new community will include 40 luxury townhomes, which marks the largest new development of homes that Clairemont has seen in quite some time. The land, formerly belonging to the Holy Cross Lutheran Church since 2005, was acquired by Toll Brothers for $14.9 million in June 2022 with plans to transform it into the remarkable new construction development of Mira Vista.
Below is the site map for the Mira Vista development:
The proposed development site is a total of 143,000 square feet or 3.3 Acres. The project includes the demolition of two existing buildings totaling nearly 15,172 square feet and the development of 40 new townhomes equaling a total of 89,250 square feet. The Toll Brothers development will be divided into eight separate three-story buildings with each new townhome ranging from 1,800-2,600 square feet. The collection of luxury 3-story townhomes will offer six different floor plans ranging from 3 bedrooms and 2.5 baths to 4 bedroom and 3.5 baths. Sixteen of the 40 homes will feature amazing west and southwest facing views for future homeowners to enjoy the beautiful sunsets on offer year round.
Although the official list prices of the new townhomes are still unknown, we are able to use market data and a cost analysis to make some projected pricing assumptions. Given the site acquisition price of $14.9M, the land acquisition cost per townhome is approximately $375,000 per home. Considering the demolition and construction costs for an average sized unit of approximately 2,200 square feet, the average cost basis for Toll Brothers is around $800,000 per unit. Based on this data and comparable sales, we believe the list prices for these Bay Park townhomes will be somewhere between $1.1M and $1.5M depending on size and view characteristics. The exception would be the one affordable unit designated for “very low-income” households. The definition of “very low-income” is less than 50% of the median income for the area. Per the last census data in 2020, the median household income for Clairemont was $85,567.
According to information provided on the Toll Brothers website, these new construction townhomes are scheduled to be available for purchase in the spring of 2024. They feature modern open floorplans, primary bedrooms with walk-in closets, and luxurious bathrooms. An additional benefit of the development is there will be no Mello Roos taxes, which will ensure all new homeowners enjoy the many benefits of new construction without paying a higher property tax bill. The location of the Mira Vista community is exceptional. It offers convenient access to Mission Bay, Pacific Beach, major freeways, the airport, as well as numerous shopping and dining choices nearby. Additionally, it is conveniently located within walking distance of the new trolley stop off Balboa which provides further ease getting downtown or to the prestigious UTC mall.