A quartet of Orange County homebuilders are gearing up for the development of Esencia, the second village planned at the ranch community of Rancho Mission Viejo.
Irvine’s Standard Pacific Corp. and TRI Pointe Homes, along with Newport Beach-based William Lyon Homes and Costa Mesa’s Warmington Residential, are in the early stages of construction work at the 890-acre project, which will open for sales this fall.
They are four of the seven homebuilders selected for the project, whose development is being overseen by Rancho Mission Viejo LLC, Orange County’s second-largest landowner.
Esencia will total 2,700 homes, and is expected to be built in three phases. The village will also include an apartment complex, built by Irvine’s Western National Group.
There will be 12 neighborhoods built in the first phase of Esencia, according to Tony Moiso, chief executive of Rancho Mission Viejo LLC.
Standard Pacific, TRI Pointe, and William Lyon Homes were also part of the first village built at Rancho Mission Viejo, Sendero, a 941-home project just east of San Juan Capistrano, near the intersection of Ortega Highway and Antonio Parkway.
Sendero opened in 2013 and is nearly sold out. Esencia is located to the east of Sendero, along a new extension of Cow Camp Road.
TRI Pointe said in regulatory filings it plans to build 153 homes in two parts of Esencia, with the most expensive homes expected to run upwards of $1.1 million.
William Lyon Homes plans to build an additional 184 homes in a pair of projects at Esencia, with the most expensive homes running about $633,000, according to filings with the Securities and Exchange Commission.
Other builders tapped for Esencia include Meritage Homes, Ryland Homes, and Shea Homes.
Rancho Mission Viejo, when ultimately built out, will total about 14,000 homes, including 6,000 homes geared towards residents aged 55 and older.