Rancho viejo premier development opportunity cost efficient, and market aligned key investment highlights approvals secured full county scoping letter and fire district agreements in place phased development reduced upfront costs with optimized two phase buildout $10m+ in cost savings modular construction, grading optimizations, and road design efficiencies strong rental demand by right adus/j adus in a high growth southern california corridor project advantages 1. Flexible land use designations active use open space: permits clubhouses, trails, recreation, and water features passive (restorative) use: allows grading/development with approved landscape restorationresolving prior ownerships roadblocks 2. Accelerated & deferred costs emergency road approval: secondary access downgraded from primary road standards, cutting $2m+ in initial costs phase 2 deferrals: fire dept. Approved delaying full emergency road buildout, accelerating phase 1 (29 lots) 3. Optimized site engineering grading plan: reduced import volumes while expanding usable yard space via elevated home pads modular construction: approved for 30% faster vertical build, with modern rustic designs and covered parking integration 4. Lower infrastructure costs santa luz inspired roads: drought tolerant, fire resistant landscaping with reduced sidewalk/street expenses traffic study vs. Full road build: $500k+ savings vs. Original secondary access requirements 5. High demand rental model adu/j adu inclusion: projects premium rents using tri county (orange/san diego/riverside) comps proven precedent: maintenance/design benchmarks from award winning santa luz/cielo communities 6. Risk mitigated execution geotech complete: keller ground improvement plan locked top tier team: design/engineering leads with regional success track records why invest now? Approvals in hand no entitlement delays cost certainty $6m+ savings already engineered into plan socal housing shortfall adu friendly project meets urgent rental demand exit flexibility build to sell or hold as cash flowing rental portfolio attachments: pro forma, grading/road plans, modular design renderings **next steps:** lets discuss capital structure and pre sales strategythis asset wont last.