SoCal Master Planned Community Trades Hands
- May 07, 2013
Corona, Calif.—Toscana, a 960-acre site of a master planned community south of the city of Corona in Riverside County, Calif., has traded hands. The plan for the site calls for a mix of single-family and multifamily residences.
Tom Doyle, a founding principal at Whittlesey Doyle (soon to be renamed WD Land), represented the buyer, Foremost Communities Inc. of Irvine, Calif., and the seller, Sunny Sage LLC of Temecula, Calif. Doyle declined to disclose the purchase price, but did say that the parcel represents the largest land sale in the Inland Empire in the last seven years.
The development has been in the works since before the recession, and according to Doyle, the seller “recognized this was an ideal time to sell.” The Tuscan-themed project has a total of 1,443 units planned and offers views of the Cleveland National Forest and the Gavilan Hills Reserve.
The community’s Specific Plan offers a mix of densities ranging from two to five dwelling units per acre for single-family residences, and as many as eight to 14 dwelling units per acre for multifamily residences. Community amenities will include several parks, hiking trails, a large sports park, pool and other recreational facilities.
Doyle adds that demand for land in the area is strong, with inventories of homes for sale and lots for homebuilding is shrinking quickly. Since the beginning of 2013, he notes, there’s been an increase in finished lot prices of about 15 percent to 20 percent.