Argyros, Firm Buy 2,750 Acres for Development
In one of the biggest land deals of the year in Orange County, developer George Argyros and an Irvine homebuilding company have paid $110 million for 2,750 acres scheduled for future development--including the Bryant Ranch in Yorba Linda.
The sale, which closed 10 days ago, includes tracts in San Bernardino and Riverside counties. Although the parcel contains 3,300 acres, just 2,750 are suitable for development.
The land was sold by Toronto-based Campeau Corp. to AW Associates, a joint venture made up of Irvine’s Woodcrest Development and Argos Pacific of Costa Mesa. Argos Pacific is owned by Argyros and David Ball.
The development in Orange County will include 925 single-family units and 375 attached townhouses in the 1,000-acre planned community of Lomas de Yorba. In Riverside, development of single-family homes is planned in the 1,550-acre Lake Hills community.
Another 200 acres of industrial and commercial property are to be developed in San Bernardino.
Plans call for ground-breaking to begin in six months in Yorba Linda and Riverside, according to Paul Winther, Woodcrest’s controller. Construction is expected to end in three to five years.
Argyros, owner of the Seattle Mariners baseball team and a former partner in AirCal, is one of Orange County’s major developers. According to Ball, Argos Pacific plans to build about 400 homes this year.
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