Steele Development — Design. Investment. Development.

About

Entitlement expertise meets long-term capital.

Steele Development is a Southern California–based real estate developer focused on complex urban infill, transit-oriented development, and coastal residential projects. We source opportunities others overlook, navigate the entitlement process with precision, and build for the long arc.

Our strategy centers on density bonus law, California's affordability programs, and strategic assemblage — creating projects with built-in barriers and durable value in supply-constrained coastal markets.

Operating across Oceanside, Point Loma, and the broader San Diego region, with an eye toward institutional-quality exits over a 10-year horizon.

Oceanside coastline with waves and palm trees

Oceanside · CA

What We Do

Three pillars.
One strategy.

We operate at the intersection of design, capital, and development — taking projects from raw land through entitlement, construction, and long-term stabilization.

Design & Entitlements

Navigating California's density bonus law, SB79, coastal commissions, and affordability programs to unlock maximum yield on infill sites. We've entitled projects others walked away from.

Ground-Up Development

Ground-up multifamily and mixed-use projects in supply-constrained coastal markets. From 13-unit boutique builds to master-planned assemblages, we control quality from permit to delivery.

Investment & Holds

Strategic long-term holds with a 10-year view toward institutional exits. We co-invest alongside partners in short-term rentals, multifamily, and land plays while building toward PE-scale outcomes.

Portfolio

Active Projects

01 — Cleveland Street Completed

From $700K Distressed Purchase to $7M Coastal Asset

Acquired a distressed property in Oceanside for $700K, fully rehabilitated the site, and operated it as an Airbnb during the entitlement process — generating income while building value. Now a 3-unit luxury condominium valued at approximately $7M.

Cleveland Street — Distressed property with graffiti before acquisition

Before — Distressed Acquisition

Cleveland Street — Completed 3-unit luxury condo

After — $7M Asset

$700K

Acquisition

Luxury Units

~$7M

Current Value

10x

Value Created

View Full Gallery →

02 — 1002 S. Tremont Street Entitlement

Distressed Acquisition. STR Income. 25-Unit Entitlement via SB79.

Acquired a distressed Oceanside property, renovated and stabilized it as a short-term rental generating cash flow while we navigate entitlements to a 25-unit development under California's SB79 — transforming a single-family lot into a transit-adjacent housing project.

Tremont — Distressed exterior before acquisition

Before — Distressed Acquisition

Tremont — Renovated exterior, now operating as STR

After — Producing STR Income

Vision — 25-Unit Development

Entitled Units

$20-25M

Projected ARV

SB79

Entitlement Pathway

STR

Current Income

TOD

Transit-Adjacent

View STR Gallery →

03 — Point Loma Under Construction

Approved Plans Acquired. Now Breaking Ground.

Acquired a Point Loma site with fully approved plans — bypassing the entitlement timeline entirely. Currently under construction from raw land through framing, delivering ground-up infill housing in one of San Diego's most supply-constrained coastal neighborhoods.

Point Loma — 3D Rendering, 13-unit coastal development

Approved Plans — 13-Unit Coastal Development

Breaking Ground

Foundation & Framing

Units

Ground-Up

Construction Type

Coastal

Point Loma, San Diego

Point Loma — Concrete and framing progress

View Construction Gallery →

04 — Tremont Promenade Flagship Vision

A Transit-Oriented Corridor Assemblage

13+ lots controlled and growing — with additional parcels in active negotiation along the Oceanside Transit Corridor. SB 79 Tier 2 plus density bonus stacking unlocks up to 140 DU/acre on qualifying parcels. Adjacent to Toll Brothers' approved 326-unit transit center redevelopment. Our legacy development.

View Full Concept →

Pipeline

Master-Planned · San Diego

Castle Creek

Master-Planned Community · In Negotiation

Pipeline

Our Approach

Complexity is our competitive advantage.

We pursue deals where the path to value creation requires expertise most developers don't have — and patience most capital doesn't possess.

Strategic Assemblage

We acquire single-family parcels at perceived market value in transitioning corridors — where the market hasn't yet priced in what SB 79 and density bonus stacking unlock. By the time competing capital understands the play, we've already controlled the corridor.

Entitlement Engineering

SB 79 plus density bonus stacking is the multiplier. A single-family lot becomes a 25-unit entitled site — and the entitlement upside is a multiple of acquisition cost. We navigate the process with precision because this is all we do.

III

Patient Capital Deployment

We hold through stabilization, building toward institutional-quality exits at scale — targeting private equity and hedge fund buyers over a 10-year horizon.

Selective Partnerships

We co-invest alongside aligned partners who share our long-term view. Capital relationships are built on performance, transparency, and shared upside.

Legacy Development · TOD Corridor · Oceanside

Tremont Promenade

Connecting Mission Avenue → S. Tremont → Oceanside Transit Center

~576

Units Potential

13+

Lots Controlled

SB79

Tier 2 + Density Bonus

326

Toll Brothers TOD Adjacent

The Vision

A transit-oriented corridor assemblage connecting Mission Avenue to the Oceanside Transit Center — five blocks to the ocean, west of the 5, all within one mile of each other. 13+ lots already controlled with additional parcels in active negotiation across multiple owners at various stages. The end state: a coastal corridor of 500+ units with a clear path to institutional-scale private equity exit.

Why Now

We were already assembling this corridor and underwriting on standard density bonus around Toll Brothers' approved 326-unit, 10-acre transit center redevelopment — a premium national developer validating the entire corridor. Then SB 79 Tier 2 arrived late last year and blew up the math — stacking on top of density bonus to unlock up to 140 DU/acre on qualifying parcels. Most of this corridor is still single-family homes whose owners don't understand what that multiplication unlocks. We're acquiring at perceived market value while the entitlement upside is a multiple of purchase price. Every parcel we add deepens a moat that closes as other capital catches on.

Interested in This Opportunity?

Steele Development is selectively engaging capital partners and co-developers aligned with our long-term corridor vision.

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Conceptual framework shown for discussion purposes only. Not a development application or entitlement request. All unit counts are approximate and reflect SB 79 transit proximity, subject to site configuration, city review, and transit coordination.

Building enduring
value along
the California coast.

Entitlement expertise meets long-term capital.