Villages of Verona – Corona, California

  • Verona

Project Details

The property is located west of Interstate 5 and south of the Highway 91 interchange off the Foothill Parkway / El Cerrito exit. The site measures approximately 21.7 gross acres and 16.94 net acres.

 

Originally a citrus farm, LCIP purchased this site in 2010 from a Dallas based Insurance Company. The seller had foreclosed their loan from the original owner in 2008. LCIP secured its agreement for the property purchase with the seller on a very favorable “subject to mapping” long term performance based contract.

 

LCIP’s development plan was finalized with a public homebuilder buyer and worked with the buyer to finalize entitlements for 145 small lots for a mid level density for sale product.

 

The LCIP land sale with the original seller closed in 2013. Our public homebuilder sale closed coterminous with securing of the property entitlements in 2014. Building began in 2015 and home sales in early 2016.

 

Business Plan

The original vision for the site was high density multifamily residential in 2011-2012. However, as the market for entry level single family homes both attached and detached improved, LCIP saw an opportunity to go back to the City, scrap the original 459 and 381 unit plans and adjust the land plan to 145 single family lots. The “on the run” plan adjustment likely yielded an “additional” $5 million of profit to LCIP.

Skills

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