Koll, Taylor Woodrow Plan Joint Venture

Koll Real Estate Group Inc. has formed a joint venture with Taylor Woodrow to develop a 390-acre residential property known as Fairbanks Highlands in North San Diego County, the companies announced Monday.

A unit of Koll Real Estate contributed its land at market value in exchange for an initial cash payment and a continued partnership interest in the venture. Taylor Woodrow will manage the day-to-day operations of the venture and expects to build the majority of homes on the site.

Koll said the San Diego City Council last year gave the company approval to develop a 93-home single-family residential community with an average lot size of 1.34 acres.