PALMDALE, CA-SunCal Cos. of Irvine has closed on its purchase of the 18-square-mile Ritter Ranch development site after entering the winning bid of $57 million in a US Bankruptcy Court sale of the property, where 7,200 homes and a series of commercial developments are planned.

Privately held SunCal outbid three others in the bankruptcy court sale to acquire the Ritter Ranch property, site of a long-stalled efforts to develop a new community in Southwest Palmdale. With SunCal’s acquisition, “Construction at Ritter Ranch will move forward after a series of delays that have tied up development for nearly a decade,” says Frank Faye, president of SunCal Cos. Los Angeles/Ventura Division. Ritter Ranch has long been considered for development, but the site has been leapfrogged in recent years by other developments as a result of the bankruptcy. Construction is scheduled to begin early next year on the first of 7,200 home sites, a golf course, equestrian center, two lakes, approximately 100 acres of improved parkland, six schools and an amphitheater. The first residents could begin living in Ritter Ranch by the end of 2005, with development continuing over the next decade. Commercial development is planned on eight sites proposed within the project, all of them intended to serve multi-tenant, maximum two-story retail and office development totaling approximately 73 acres. The commercial buildings will comprise approximately 692,135 sf of gross leasable area, SunCal says, with proposed uses to include neighborhood-serving retail stores, a farmers’ market, a supermarket, an open-air amphitheatre and office space.Other current SunCal projects in development in the area include Tesoro del Valle, Northlake and Plum Canyon, all within the Santa Clarita Valley. The company is also developing Westport at Mandalay Bay in Oxnard, which is California’s first new coastal waterway development in decades.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.