$400-Million, Master-Planned Project Set for Laguna Niguel
Plans for a 600-acre, master-planned residential and commercial community in Laguna Niguel, to be named Rancho Niguel and expected to be valued at more than $400 million when completed, have been announced by the Buie Corp. and Home Capital Corp. in joint venture.
In addition to a 30-acre commercial center with about 300,000 square feet of office and retail space, the community is planned for 2,747 dwelling units to include condominiums, town houses, small-lot patio homes and conventional single-family detached houses.
Plans also include a master recreation center with a large swimming pool, tennis, racquetball, basketball and volleyball courts and aerobic and weight rooms; more than 110 acres of parks and open space, more than seven miles of jogging and bicycle trails and soccer, baseball and football fields.
Grading for the first phase has begun and construction of the first homes is expected to begin this summer or fall. Completion of the whole project is expected in about 10 years, according to Jeffry L. Stoddard, vice president and general manager of the Buie Corp.
Originally a Spanish possession, the land which includes the present Laguna Niguel became Rancho Niguel when Mexico achieved independence and declared itself a republic in 1821-23. Juan Avila, the grantee, named it for the nearby Juaneno Indian village of Niguili. After numerous changes of ownership, the portion on which the present Rancho Niguel is planned was purchased by Niguel Development Co. from Avco Community Developers last year.
Buie Corp., managing partner of Niguel Development and master developer of Rancho Niguel, was formed by four former employees of the Avco firm, Robert Buie, president; Stoddard; James Saivar, vice president of sales and marketing, and Robert Wyatt, vice president of finance. Home Capital Corp. is a subsidiary of Home Federal Savings & Loan Assn., specializing in the acquisition and development of real property.