Work has begun on a new luxury housing development in Santa Maria.
Final plans for Refugio Townhome Apartments were approved in March, and workers broke ground shortly afterward. This week, a national real estate investment firm announced that it was investing more than $25 million into the project.
Crews are working to construct a 125-unit development on 8.35 acres of land at McCoy Lane and Professional Parkway.
When complete, the development will feature four different floor plans, with units ranging in size from 1,200 to 1,800 square feet. All offer three bedrooms and either two or three bathrooms plus powder room, 9-foot ceilings, private, in-unit washer and dryer, and designer kitchens.
Each unit will have a private two-car garage.
About 30 of the units will also have a private backyard and all will have large, outdoor terraces.
Refugio Townhome Apartments will consist of 26 residential structures and one clubhouse building. The clubhouse will feature a pool and spa, fitness center, a large room with a tasting kitchen, business center, outdoor barbecue area and children’s playground, according to the developers.
On Tuesday, Canyon Partners Real Estate announced that it invested $25.3 million with the project’s developer, Dynamic Development Co., to finance the project’s construction.
“We are pleased that Canyon recognized the investment opportunity this development offers,” said Damon Porter, chief executive officer of Dynamic Development Co.
“The project is expected to fill a significant need for residential product in the supply-constrained Santa Maria submarket, and we are excited to partner with Canyon to bring the first phase of this development to market later this year,” he said.
Though work is underway, it has taken 10 years to start.
According to City of Santa Maria Principal Civil Engineer David Beas, plans for the Refugio Townhome Apartments were initially approved by the Planning Commission in November 2007.
The first phase of the development is expected to be completed later this year.