NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Forestar Toscana Development Company, a venture between Foremost Companies and a controlled affiliate of Starwood Capital Group, today announced construction has commenced on Terramor, a new master-planned community in Southern California. One of the largest undeveloped residential land parcels to be developed into a new home community on the Interstate 15 corridor, Terramor will offer 1,443 single-family homes across 961 acres to age-qualified (AQ) 55+ and market rate buyers. New home sales are expected to commence in the first quarter of 2017.
“This site offers an incredible opportunity to address regional housing demand while honoring the land and natural landscape through stewardship and the dedication of open space,” said Steve Cameron, president, Foremost Companies. “Foremost Companies is proud to partner with Starwood Capital Group on this truly unique and thoughtfully planned development.”
Located in Temescal Valley south of Corona, the natural terrain of the Terramor development site offers a backdrop for quality homes with expansive, premium views of the regional landscape. With the community design reminiscent of elevated Mediterranean hillside living and romantic European villages, the plan for Terramor uniquely nestles homes into the rising hills.
“The Terramor development aligns with Starwood Capital Group’s core focus on investment in quality real estate assets that provide the opportunity to maximize inherent, underlying value,” said Dan Schwaegler, Senior Vice President at Starwood Capital Group. “As one of the largest land parcels available for development in this growing region, Terramor is an exceptional opportunity for us.”
Terramor will specifically address regional housing demand among the age-qualified and market rate buyer groups, offering a robust amenity package appealing to both.
“This market is rich with affluent, age-qualified buyers who are looking for an improved quality of life, a right-sized home and an active, social community lifestyle,” said Dave Schreiner, Principal of Mature Market Strategies and age-qualified market expert. “In addition, demand exists among families in the region looking for a resort-like community atmosphere that offers a respite from long work days, as well as strong amenities in a natural, landscaped setting. Terramor will address both sets of demand in one multi-generational community.”
“By 2025, Southern California will have 1.1 million more people over the age of 65 than today – a whopping 40% increase in only 10 years!” said John Burns, John Burns Real Estate Consulting. “With so few resale homes and communities designed for retirees, the demand for quality age-targeted communities will be substantial.”
When completed, residents of the community will enjoy five miles of trails and paseos that connect to a broader trail system, providing a strong walking and hiking component for active adults and families. Twenty-two acres of parks (including a dog-friendly park), ball fields, a basketball court, tennis courts, pickleball courts and tot-lots will further encourage outdoor activity and play, along with interaction and friendly games with neighbors.
Terramor’s resort-style resident clubs will rival a luxury resort, offering indoor and outdoor recreation spaces for all generations. Exclusively for Terramor’s age-qualified residents, The Terrace Club will feature a range of first-class amenities. At the center, a resort-style pool with surrounding cabanas will encourage relaxation and socialization, while an extensive health center, multipurpose ballroom, sports bar and billiards room, among other amenities, will provide a place for entertainment, gathering and wellness.
Beyond luxury and amenities, Terramor will also employ a number of measures to protect the land and natural resources. Water conservation, among other sustainability features, will include the use of native and drought-resistant landscaping. Slopes will be irrigated with reclaimed water to address the Southern California climate and current severe drought. Existing riparian habitats will be preserved, while developers will dedicate 540 acres of permanent open space.
Phase one construction at Terramor has commenced. The developer will deliver blue-topped lots to builders in the third quarter of 2016. A community Grand Opening celebration and new home sales are expected in the first quarter of 2017.
About Foremost Companies
Foremost Companies is a premier land investment firm established to acquire strategic land assets for the entitlement and sale of high-quality developments to homebuilders and commercial developers. The company and its affiliates own and/or manage over 12,000 residential lots across California. For additional information, visit www.foremostcompanies.com.
About Starwood Capital Group
Starwood Capital Group is a private investment firm with a core focus on global real estate. Headquartered in Greenwich, CT, the Firm maintains 10 offices in four countries around the world, and currently has more than 1,400 employees. Starwood Capital Group has raised approximately $32 billion of equity capital since its inception in 1991, and currently manages over $45 billion in assets. The Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk-reward dynamics to be evolving. For more than two decades, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises around real estate portfolios in both the private and public markets. Additional information can be found at starwoodcapital.com.