IRVINE, CA - Tom Doyle, a founding principal at Whittlesey Doyle, a market leader in the land brokerage industry, announced the off-market sale of Toscana, a 960-acre master planned community located south of the City of Corona in Riverside County, Calif. Doyle represented the buyer, Foremost Communities, Inc. of Irvine, Calif., and the seller, Sunny Sage, LLC of Temecula, Calif. The purchase price could not be disclosed. The sale of the 960 acres represents the largest land sale in the Inland Empire in the last 7 years.
"The seller of Toscana has been processing the entitlements for the project for ten years and recognized this was an ideal time to sell. Foremost Communities has been one of the most active buyers of land in Southern California and identified the lift in the market that began in 2012. With the acquisition of Toscana, Foremost will be ideally positioned in the market with one of the largest and most attractive planned communities to be developed in the inland empire," Doyle said.
According to Doyle, the Tuscan-themed project has a total of 1,443 units and offers stunning views of the Cleveland National Forest and the Gavilan Hills Reserve. The Specific Plan offers a mix of densities ranging from 2 to 5 dwelling units per acre for single-family residences, up to 8 to 14 dwelling units per acre for multi-family residences. Extensive research was invested into the design of the community and the benefits that will be offered to homebuyers. Community amenities will include several parks, hiking trails, a large sports park, pool and recreational facilities.
Doyle said that Foremost Communities plans to process tentative maps to finalize the development plans as approved under the Toscana Specific Plan and intends to develop the site and initiate a builder lot sales program to the homebuilding community.
Toscana is located on Temescal Canyon Road, north of the Indian Truck Trail off ramp, approximately 9 miles south of the I-15 and the 91 Freeway interchange. Nearby commercial and retail includes the Shops at Sycamore Creek (1/4 mile), Tom’s Farms (1 mile), The Shops at Dos Lagos (4 miles) and the Corona Crossings (5 miles).
This notable transaction comes on the heels of Whittlesey Doyle's 17th anniversary. "On May 6th, Whittlesey Doyle will be celebrating 17 years in business. We also plan to change our company name to 'WD Land,' effective May 15th," said Doyle.
"Our website address has always been 'WDLand.com' and land is our focus so we felt changing our company name to 'WD Land' would more accurately reflect our primary business segment and commitment to land advisory and brokerage services," said Les Whittlesey, a founding principal. "We are grateful to our many clients that have helped us reach this important milestone of celebrating our 17th anniversary."
Doyle adds, "While land owners and builders experienced some of the most challenging times during the devastating recession, we have been seeing a significant increase in the number of land sales. Demand for land is strong, inventories of homes for sale and lots for homebuilding is shrinking quickly. We have seen an increase in finished lot prices of approximately 15%-20% since the beginning of 2013. The sale of Toscana is further demonstration that the Inland Empire land market is continuing to strengthen. Homebuilders want to capitalize on land that is near jobs, shopping, entertainment and transportation. We have multiple, large land deals in escrow and some additional ones that will soon be under contract," said Doyle.