Developer Buys Most of Forster Ranch
Centex Development Co. in Dallas has announced that it bought 1,077 acres of the 1,770-acre Forster Ranch in San Clemente for $50 million.
The deal was expected. Selling was Estrella Properties.
Centex said it will build 2,200 houses on the land, mostly single-family homes, and will use 65 acres for commercial buildings.
That plan has already been approved under a special development agreement with the city. In return, Centex agreed to drop a $100-million suit challenging a slow-growth initiative approved by city voters. The suit had been filed by Estrella Properties.
Centex is a master limited partnership created in 1987 to acquire and develop property by Centex Corp., a public company.
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