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Fieldstone to Buy BCE Land Valued at $250 Million

By CHRIS KRAUL
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In one of the largest land deals in San Diego County history, Fieldstone Co. signed an agreement Thursday to purchase more than 3,900 undeveloped acres of land in the La Costa and Scripps Ranch areas from BCE Development, a subsidiary of Bell Canada.

Fieldstone, a closely held home builder headquartered in Newport Beach and with operations in San Diego County, declined to specify the purchase price. But Chief Operating Officer Keith Johnson said the development of the acreage may have a value of $250 million over 10 years.

The land is suitable for 7,056 residential units and 213 acres of developable commercial and industrial buildings. Fieldstone outbid 11 other builders for the property, Johnson said.

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BCE, which acquired the land in 1983, is divesting the property as part of a shift from residential to commercial development, Fieldstone said in a statement.

Fieldstone may form a 50-50 partnership with BCE to develop the 1,200-acre Scripps Ranch portion, but will buy the 2,700-acre La Costa parcel outright, Johnson said Thursday night.

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Chris Kraul

Chris Kraul covered South America for the Los Angeles Times from his base in Bogota, Colombia. He joined the paper in 1987 and was business editor of the San Diego edition until it closed in 1992. He then began covering the border and Mexican economies until his assignment to The Times’ Mexico City bureau in 2001. He reopened the paper’s Bogota bureau in 2006. He has also covered the wars in Afghanistan and Iraq. He is a graduate of the University of South Florida and also has been a reporter at the San Jose Mercury News, San Diego Union-Tribune and the San Diego Business Journal.

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