CARLSBAD, CA—One of the reasons Carlsbad has been able to maintain open space is that its 25-year overall plan is designed to keep houses from being built on top of each other, Presidio Residential Capital‘s co-principal Don Faye tells Presidio and Cornerstone Communities have broken ground on the Reserve, a 635-unit community on 156 acres—more than half of them designated as open space—that is being built on a former rock quarry in northeast Carlsbad. The retail value of the project, which will offer 293 single-family detached luxury townhomes and 342 luxury apartments when it opens in 2016, will exceed $200 million. We spoke exclusively with Faye about the project and why open space seems to be a key phrase when discussing Carlsbad development, as well as other trends he is noticing in the residential-development arena.