The project came to us through a distressed position. That meant underwriting the title and the outstanding obligations before committing capital, and understanding exactly which approvals survived the transfer. Buying entitled land at a distressed basis is the cleanest margin available in development, and it is only available to a buyer who can close quickly on a complicated file.
South Corona is one of the few Inland Empire submarkets where entitled land, established schools, and a regional job base meet inside a single commute. Detached resale product in the neighborhood trades near $890,000, roughly $410 per square foot, which sets a ceiling that new attached product can be priced well underneath while still clearing cost.
The neighborhood is also getting larger. Immediately west of us, Richland Ventures has carried Skyline Heights through a revised approval covering 249 acres, with a specific plan permitting up to 276 homes and 11.42 acres of public parks.
