Since 2011, homebuilders have optioned or closed property planned in Orange County for just over 3,000 homes within nearly 40 future communities. Improving housing fundamentals, coupled with inadequate supply, is causing homebuilders to evaluate opportunities much more aggressively than in previous years, resulting in rising land prices. “We’ve seen recent closings in Orange County by DR Horton, Taylor Morrison, KB Home and Standard Pacific, and given the level of interest from the homebuilding community for lots, land sellers have started to release inventory for sale in recent months,” McDonough adds.

For example, the Irvine Co. recently had a strong response from homebuilders to the release of four new neighborhoods planned for just over 300 homes at Portola Springs in Irvine, and Five Points is making preparations for the release of up to 10 new neighborhoods planned for 694 homes at the Great Park Neighborhoods.

Toll will continue to pursue development of the Baker Ranch community, where grading could begin this fall, with model grand openings in Village I planned for early 2014. Baker Ranch is segmented into 21 residential neighborhoods within three villages and a variety of amenities including public parks, private recreation clubs, trails and bike paths, and open space.

As GlobeSt.com reported earlier this week, the Brooklyn Bridge Park Board of Directors voted on Tuesday to designate Toll Brothers City Living and Greenwich, CT-based Starwood Capital Group as joint venture partners to build the 550,000-square-foot complex adjacent to the East River in New York. The proposed building plan – expected to generate nearly $120 million toward park maintenance – will include 159 residential units, a 200-key hotel and nearly 16,000 square feet of restaurant space, 16,000 square feet of banquet and meeting space, 2,000 square feet of retail, a 6,000-square-foot spa and fitness center and 300 parking spaces. Following the vote, the development team expects to break ground on the development by summer 2012 and open the hotel and residential building in fall 2015.

According to Province West, the Baker Ranch site’s history is compelling. Over the years, parcels were sold by the Baker and West families and eventually developed into what is now known as the City of Lake Forest. In 1999, Baker Ranch was placed into a joint venture with Shea Properties to develop the property into a commercial business park. However, upon the closure of El Toro Marine Air Base, the process was initiated to convert the property into a master-planned residential community.

As GlobeSt.com previously reported, Shea Homes is one of the developers involved in the build-out and development on the Rancho Mission Viejo Project in San Juan Capistrano, CA, which will continue in phases over the next 20 years and is projected to create nearly 16,000 on-site jobs—nearly 14,000 from commercial uses, 1,150 from neighborhood retail and 715 from civic/public employees. This figure does not include regional indirect and jobs created during the construction phase.