Shopoff Realty Investments Wins Approval for 1,463-Acre Mesa Verde Master Plan in Calimesa

CALIMESA, Calif. — Shopoff Realty Investments announced Nov. 10, 2026, that it has secured approval from the Calimesa City Council for Mesa Verde, a 1,463-acre mixed-use master plan community in Calimesa, California, near the confluence of the I-10 freeway and 60 highway. The firm received approval from Calimesa's Planning Commission in August 2026.

Shopoff Realty Investments, an Irvine, California-based manager of opportunistic and value-add real estate investments, said development will occur in multiple phases, with phase-one construction estimated to begin in late 2027. The firm manages the property through an affiliated investment fund.

Mesa Verde Master Plan: Program and Land Uses

According to the firm, Mesa Verde aims to deliver:

• 3,650 residential units
• A 4.2 million-square-foot business park
• 240,000 square feet of office, medical and education space
• 300,000 square feet of commercial and retail space
• More than 50 acres of public parks and more than 15 acres of private recreation facilities
• Two future elementary schools
• More than 490 acres of open space

The revised land use plan also proposes affordable and attainable housing, public and private parks and community spaces, and traffic and fire safety improvements, Shopoff said. The firm described the plan as a more balanced mix of residential and business uses prepared in response to evolving community needs and market conditions.

Public planning records identify the project as the Mesa Verde Specific Plan Area 2 Amendment 2. The site is in northwestern Calimesa, Riverside County, and is described by its specific-plan area rather than a street address. The records allow up to 4.44 million square feet of building area in the business-park zone for industrial, logistics, office and educational uses, which is broader than the 4.2 million-square-foot business park figure Shopoff cites. The planning record divides the 3,650 residential units into 790 high-residential, 594 medium-high, 1,450 medium, 677 low-medium and 139 low-density units. The Calimesa City Council's approval followed the Planning Commission's August 2026 action and approval of the Mesa Verde Specific Plan amendment in September 2026.

From Residential-Led Entitlement to Mixed-Use Community

Shopoff acquired the raw land in November 2021. At that time, the site was fully entitled for a maximum of 3,650 residential units, 250,000 square feet of commercial space, two elementary schools and approximately 565 acres of open space.

The approved plan preserves the residential capacity while adding a substantial employment-oriented component. Shopoff's earlier project materials described the proposed change as adding approximately 4.4 million square feet of industrial space to the prior entitlements. The housing count remains capped at 3,650 units, so the primary change is in the balance of land uses rather than in residential capacity.

The announced quantities are permitted or proposed maximums for undeveloped land, not delivered inventory.

Shopoff Realty Investments Executive Comment

"The vision for Mesa Verde was to bring a brand-new, mixed-use community to the City of Calimesa that would create employment opportunities, attainable housing, and open space, all of which would benefit and strengthen the community and its economy," said Shopoff Realty Investments' President and CEO Bill Shopoff.

"We are thankful to the City of Calimesa and project neighbors for their support throughout planning this project," Bill Shopoff said. "We look forward to seeing Mesa Verde grow into a true community for all generations, where families can put down roots, working professionals can find a place to both live and work, and seniors can enjoy a peaceful place to call their own."

Inland Empire Market Context

The site's location near two major highways is relevant to industrial, logistics and business-park uses, while the residential component can provide a nearby labor pool and customer base. The approval illustrates a land entitlement strategy in which an investor acquires undeveloped land with an existing residential entitlement and then seeks a new specific plan to increase its potential commercial and employment-generating value. That approach is consistent with Shopoff Realty Investments' stated focus on land entitlement, development and value-add investing.

Inland Empire retail data show a 6.2% vacancy rate in the second quarter of 2026, with average asking rents of $1.72 per square foot per month. The average retail cap rate was 6.7%, compared with 5.6% a year earlier, and the average sales price declined to $249 per square foot from $285 in the prior-year comparison period. Mesa Verde's program spans industrial and business-park space, office, medical and education uses, retail, housing and open space.

Timeline and Outlook

Phase-one construction is estimated to begin in late 2027. Shopoff noted that development timelines and completion estimates are subject to change and depend on multiple external factors.

Shopoff Realty Investments describes itself as a firm with a 34-year history of value-add and opportunistic investing across the United States, operating previously as Asset Recovery Fund, Eastbridge Partners and The Shopoff Group. The firm states that performance has varied over that period, with certain offerings generating losses. Securities are offered through Shopoff Securities, Inc., member FINRA/SIPC, and the firm said the announcement is not an offer to buy or sell securities.

Sources

• Shopoff Realty Investments Secures Approval For 1,463-Acre Mixed-Use Master Plan Community in Calimesa (Shopoff Realty Investments, Nov. 10, 2026)