Hart Commercial Real Estate is proud to present the opportunity to acquire a fantastic residential development opportunity within the city limits of Paso Robles. The Olsen Ranch is located on Paso’s east side, adjacent to existing residential developments and beautiful rolling vineyards. The property is part of the Olsen Ranch Specific Plan along with two other small land owners. The project allows for 673 units of which approximately 600 are designated for the Olsen property. The property can accommodate a variety of product types from multifamily to estate lots. Water, sewer and dry utilities are adjacent to the property. The site is in a raw state and has been farmed by the Olsen family for over 50 years. The property has 3 existing homes, several Ag related structures and 2 wells.
In 2003 the Olsen Ranch was annexed into the City of Paso Robles. The City contracted Moule & Polyzoides to create a specific plan and EIR for the properties which was completed in late 2007. The city then conducted a traffic study which was completed in 2009. The city will allow for the proposed 673 units but may allow for additional density depending on the proposed plan. The city has indicated that they will require reimbursement for some of the prior planning work already completed.
Offering price of $24,000,000.