SANTEE, CA-Carlsbad-based land development company, HomeFed Corp. has purchased Fanita Ranch, a planned high-end development spanning 2,600 acres in Santee, from a bankruptcy auction sale for $11 million.
The residential development originally planned for 14,000 homes in 1980 will now house 1,400 single-family houses on lots with an average size of 1.25 acres. Current economic and housing conditions as well as pending lawsuit filed by three environmental groups will delay construction of the project.For the full story, go to San Diego Business Journal.
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