Newland Communities and Trimark Pacific Homes will jointly develop San Miguel Ranch on a 740-acre parcel in this north county community. "The south county area of San Diego will be the focus of growth in San Diego over the next several decades," says Stephen Hester, Trimark Pacific partner and division president. "San Diego County is suffering from a shortage of lots for building homes and experiencing high prices for the lots that are available," adds Robert McLeod, chairman/CEO for Newland. "The relatively affordable land still available in Chula Vista makes this an ideal area in which to build.
"The San Miguel project is a well-placed strategic investment that meets the goals of Newland's national portfolio program," he adds, noting that his firm's portfolio is a diversified program of entitled residential development projects acquired through limited partnerships with the California Public Employees Retirement System, the nation's largest public pension fund.
Trimark Pacific-San Miguel LLC, a partnership between Trimark Ventures and Cargill Financial Services, sold the 740-acre parcel to the Newland/Trimark partnership for $31.3 million. Trimark Pacific, which is affiliated with Trimark Ventures and Cargill, will serve as the partnership's developer, while Newland is providing equity and debt financing. The two entities will share authority in development and marketing decision-making activities.
Construction of the project's infrastructure will soon begin, and finished lots are scheduled for release to builders in the second quarter of 2001. The first homes should go on the market by the fourth quarter of the year. The development will offer a range of apartment product up to 20,000-sf lots, as well as approximately 1,046 lots for single-family detached home sites and space to accommodate 348 attached homes. Homes will range $175,000 to $560,000.
The project will include 14 acres of commercial space; an 11-acre school site; and 245 acres of open space that will include parks, hiking and bike trails and recreational facilities. The site's elevations offer views of surrounding foothills, San Diego Bay and the downtown skyline.
The community will be accessible via State Route 125, a privately owned, 11-mile toll road that will run north and south through the community. Construction on the new highway will begin by year-end, with completion expected by mid-2003.
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