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Real Estate Roundup

Builders Picked For 4S Ranch's First

Three homebuilders have been selected to develop residential neighborhoods for the initial homes at 2,900-acre 4S Ranch: D.R. Horton, Fieldstone Communities and Ryland Homes.

Construction on models is expected to begin in July for the three neighborhoods totaling 258 homes. At build-out, 4S Ranch will have up to 4,715 homes. Nearly 60 percent of the ranch has been designated as permanently protected land, including wildlife corridor and habitat.

The core of the ranch will be 4S Commons, a 53-acre, mixed-use district with retail, restaurant medical and professional space, a cinema, cultural center and day care facilities.

The developer will also contribute more than $17 million for improvements to Interstate 15, including the phased construction of several auxiliary lanes, widening of the Lake Hodges Bridge and the state Route 56 interchange, other widenings and the extension of Carmel Valley Road.

Earlier this month, Genstar Land Co., a subsidiary of British American Tobacco, plc, said it would sell its holdings for $223 million to Newland-IHP Ventures, a venture of Newland Communities here and Institutional Housing Partners. The California Public Employees' Retirement System provided most of the financing. Included in the transaction was the 4S Ranch property. The deal was expected to close at the end of June.

Barratt American on Saturday will open three models at its 1-acre-lot Country Glen community in Escondido. Homes currently available in the recently released second phase range from $569,900 to $689,900. Three floor plans range from 3,637 to 4,164 square feet with three to six bedrooms.

Davidson Communities on Saturday will hold a grand opening of the four models at its 99-home Shelbourne in La Costa Valley in Carlsbad. The dozen-home first phase will also be released, priced from the lot $500,000s. The four floor plans range from 2,722 to 3,904 square feet with three to five bedrooms.

Barratt American reports that 29 of the planned homes have been sold at its Quail Ridge community at Encinitas Ranch. Homes currently are being offered at $681,602 to $1,134,990. Five starting-point floor plans range from 3,114 to 5,446 square feet on one and two levels with three to six bedrooms.

McMillin reports construction under way on the six-acre Cottonwood Park, the second of five parks for McMillin Lomas Verdes at Otay Ranch in Chula Vista. The park is expected to be completed in August, according to Bob Pletcher, vice president of development engineering at McMillin.

The park includes a baseball field, soccer field, basketball court, tot lot and restrooms. It will be turned over to the city and opened to the public one year after completion in order that the landscaping mature.

The first park to open was the 1-acre Alcala Park in the Alcala neighborhood. The five parks will total 14 acres.

McMillin Homes on Saturday will release a seven-unit portion of the sixth phase of its 196-home Northwind neighborhood at Temeku Hills Golf and Country Club in Temecula. Prices will start in the low $200,000s. Twenty-five homes have been sold since the first of the year. Floor plans range from 1,689 to 2,422 square feet with three and four bedrooms.

Barratt American reports 82 sales of a planned 142 homes in 11 months at its Rembrant development in Temecula, and the release of the eight-home 13th phase. Prices range from $181,990 to $215,990. Four one- and two-story floor plans range from 1,715 to 2,277 square feet with three and four bedrooms.

Newland Communities of San Diego announced its has completed purchase of 217 acres of residential land in Kennewick, Wash. The company plans a 600-home project called Creekstone.

Permitting is being finalized, infrastructure construction is expected to begin in the near future and finished lots will be available this fall. Home sales are expected to start in the first quarter of 2001. The first phase is expected to consist of three neighborhoods with 150 homes.

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