A rare opportunity awaits to own a premier waterfront parcel on the peaceful shores of Carlsbads Agua Hedionda Lagoon. This expansive 1.3-acre estate-scale lot (APN #206-171-03-00) is one of the few remaining chances to design and build directly on the lagoon. Zoned R-1, it offers the ideal canvas for a custom dream home or architecturally significant luxury estate, with potential for creative residential or resort-style concepts subject to city approval. Positioned directly on the water just east of Interstate 5, the property captures panoramic ocean and lagoon views in a serene, highly desirable setting. Located in one of Carlsbads most sought-after coastal corridors, the property blends relaxed beach-town charm with refined sophistication. Residents enjoy seven miles of pristine coastline, vibrant village life, and a thriving culinary and arts scene. From surfing Tamarack Beach to dining at Campfire or Jeune et Jolie, every day reflects the best of the Southern California coastal lifestyle. Beyond its natural beauty, Carlsbads strong economy and thriving community make it an exceptional long-term investment. Anchored by industries in biotech, technology, hospitality, and tourism, the city offers lasting stability, excellent schools, and a highly active outdoor culture. With its rare location, size, and direct waterfront access, this property represents a once-in-a-generation opportunity to create a true legacy estate on the Agua Hedionda Lagoon.