Foremost Companies, Starwood Capital Group Announce Start of Construction on New Master-Planned Community in Southern California
Terramor will offer age-qualified (55+) and market-rate buyers
unparalleled views, amenities and preserved natural beauty
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.
Contacts
NewGround PR & Marketing
Julie Fornaro | Christine Rombouts
562.587.3957
| 949.631.1557
jfornaro@newgroundco.com
| crombouts@newgroundco.com
