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High-end housing planned on 230 acres next to Porter Ranch
High-end housing planned on 230 acres next to Porter Ranch

A Newport Beach real estate investment firm has acquired 230 acres of undeveloped land next to Porter Ranch, with plans to revive a long-stalled housing development that fell victim to the recession. Slated to start construction next year, the 314-home San Fernando Valley project underscores the current rush by builders to develop more upscale communities as large tracts of land become increasingly scarce in the Los Angeles area. "There is just not much opportunity for land development," said Terry Ruckle of brokerage Land Advisors Organization, which represented both the buyer and seller in the deal. "This is one of those last pieces." Home prices at Deerlake Ranch...

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