With a local builder in place, Serra Meadows, the residential neighborhood to be built on Prado Road east of Higuera Street in San Luis Obispo, will be under construction in the spring.
Model homes are expected to be available for viewing early next year.
Mangano Homes is now building the neighborhood, after MD2 of Camarillo and Los Angeles-based Resmark Land and Housing, an equity investment capital and asset management firm, decided to end their partnership.
In a statement, Mike Zarola, Resmark’s senior vice president of project management, said MD2 “moved the community forward through a number of significant hurdles and that the agreement with MD2 Homes was ended by mutual agreement.”
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Further, he noted that Mangano Homes “possesses the execution skills and delivers the construction quality that characterizes Resmark’s investments.”
Mangano Homes, which has been in business for 35 years and has corporate offices in San Luis Obispo and Visalia, will be responsible for construction, marketing and sales of the neighborhood consisting of 177 single-family homes and commercial property. Richardson Properties is working with Mangano and Resmark to sell the homes.
Andy Mangano said Mangano Homes, which has built more than 5,000 homes, including houses in the Bowden Ranch neighborhood in San Luis Obispo, is fine-tuning Serra Meadows. The company is also working on the Marsh Street Commons residential and commercial development in San Luis Obispo.
“We looked at the plans, and we thought there was room for improvement,” said Mangano, who served as vice president of Centex Homes’ Central Valley division after it acquired The Mangano Corp. “We’re working with RRM Design Group, redesigning the floorplans to make them more open and changing some of the building techniques. We’re also looking to add a solar component to each house.”
Chris Richardson of Richardson Properties said prices have not been determined yet because of the floorplan changes. The market could also be different by the time sales start up sometime in January, Mangano said, and the model homes will start around February.