Placentia Firm Buys Pacific Point for $20 Million

The 256-acre Pacific Point planned development has been sold for more than $20 million to a Placentia development firm that plans to began work on the long-dormant project this summer.

TMC Companies, an investment group backed by a major Hong Kong real estate firm, said late Friday that it sold Pacific Point to SunCal Companies. SunCal, according to a statement from TMC President Mark Ferraro, plans to begin grading the ocean-view acreage within 30 days.

Newport Beach-based TMC has owned the land since 1988 and in 1991 obtained city permission to build as many as 350 homes and a 20-acre commercial complex on the property, which fronts on the San Diego Freeway at the south end of San Juan Capistrano.

Ferraro said TMC decided to sell the property to concentrate on developing other Southern California properties.

SunCal intends to sell lots at Pacific Point to other home builders, Ferraro said.

Several building industry analysts said the sale is a major one for South County, which is starting to recover from a lengthy slump.

Plans approved by city officials in 1991 divided the Pacific Point property into five distinct neighborhoods with homes ranging from small condominiums to luxury ranch houses on one-acre lots.