P.M. BRIEFING : Dallas Firm Buys San Clemente Land

Centex Development Co. LP said today it has completed the acquisition of 1,077 acres of undeveloped land in San Clemente for about $50 million.

Centex said it will develop the land into approximately 2,200 lots, mostly for single-family detached homes. The tract also contains 65 acres for commercial usage.

Centex said a development agreement with San Clemente allows the lots to be divided into residential villages. The property can contain a commercial-office center.

The developed property will include a city park and a recreation center, Centex said. More than 30% of the land is designated as permanent open space.

Financing was provided by Westinghouse Credit Corp.