Cal West to Transform Former Sears Property in Chula Vista into Thriving Residential Community Wednesday, August 30, 2023 Cal West, one of the largest privately-held homebuilders on the West Coast, today announced that it, together with investment partner IHP Capital Partners, has acquired the former Sears property in Chula Vista, California, and will soon begin the transformation of the 13.35-acre site into a thriving residential community. Representing the major residential component of Chula Vista’s revitalized waterfront, Cal West will execute a thoughtful adaptive reuse plan for the development of Citrus Bay, featuring 244 new townhomes.“This is an incredibly exciting time to be a part of Chula Vista,” said Matt Thorne, partner and chief operating officer of Cal West. “The city is experiencing a renaissance, but it needs housing. As the retail sector continues to face challenges, the closing of stores such as Sears has created residential opportunities and we’re pleased to be delivering the first new homes in the center of Chula Vista in years.”Citrus Bay will offer a total of 244 residences in two distinct product types. The Towns at Citrus Bay will be a collection of two-story motor-court homes and The Courts at Citrus Bay will feature three-story courtyard homes. The Towns will offer up to almost 1,800 square feet with up to three bedrooms and two- and one-half baths. The Courts will range up to more than 2,000 square feet with up to three bedrooms and two- and one-half baths. Citrus Bay residents will have access to a private community recreation center with a pool and park.Cal West plans to begin pre-sales at Citrus Bay in the spring of 2024 with a grand opening anticipated for the fall of 2024. Additional details on the homes and expected pricing will be released once finalized.Located at 565 Broadway in Chula Vista Center, the Sears location closed for business in early 2020. As the need for attainable housing continues to grow, Citrus Bay will be situated close to major employment centers and directly adjacent to abundant shopping, services and employment, including the Scripps Mercy Hospital.The timing for Citrus Bay coincides with the Chula Vista Bayfront Redevelopment. A partnership between the Port of San Diego and City of Chula Vista, the 535-acre Bayfront redevelopment envisions a world-class destination in the South Bay for people to live, work and play. It is designed to create new public parks and recreational adventures, improve the natural habitat, offer new dining and shopping options, provide a world-class hotel and convention center for residents and coastal visitors to enjoy. Citrus Bay is approximately one mile from the mixed-use now taking shape with the Gaylord Pacific Resort and Convention Center as the centerpiece. The Gaylord Pacific is anticipated to open in 2025 with 1,600 hotel rooms and spacious suites.Including the creation of Citrus Bay and the Bayfront project, the new development in Chula Vista will have a dramatic economic impact on the city with the creation of thousands of jobs and billions of dollars in revenue.“IHP is excited to partner with Cal West in transforming the former Chula Vista Sears location into a vibrant residential community,” said Jeff Enes, managing director and senior vice president at IHP Capital Partners. “Citrus Bay complements Chula Vista’s plans for major redevelopment and presents an opportunity to breathe new life into the area with a beautiful new neighborhood for residents. IHP and Cal West have an established track record of successfully developing desirable communities throughout San Diego, and we look forward to continuing our partnership in creating Citrus Bay.”Cal West has made a major investment in Chula Vista. In addition to Citrus Bay, it recently announced that it will introduce its Haddington line of homes at Côta Vera at Otay Ranch where construction is underway on a collection of 127 for-sale homes. Haddington at Côta Vera is the first-ever 55+ community in Chula Vista and will afford its residents the peace-of-mind of aging in place in a location close to friends and family in an intergenerational living environment.