Property records show the Walnut-based homebuilder paid about $12.8 million, or a little more than $1 million per acre, in December for the Lakeview Avenue site about a mile north of Orangethorpe Avenue in a largely residential area.
The property previously held the Muranaka Mums Nursery, a longtime flower company that grew chrysanthemums for the Los Angeles Flower Market.
The family-owned nursery closed in 2016, and Shea Homes worked with the city to get approvals for the housing development, which will replace 13 nursery and greenhouse structures that were built in the mid-1960’s; the site was previously home to orchards, according to city filings.
Shea bought the site from the recently created Irvine-based entity of Yorba Linda Estates Lakeview LLC, state records show.
The privately held builder, a unit of J.F. Shea Co., currently isn’t selling any projects in the city, but has some under way in Irvine, Lake Forest and Rancho Mission Viejo.
Lots in Shea’s development will be at least 15,000 square feet, some closer to 30,000 square feet, regulatory filings show.
It’s the second housing development site in Yorba Linda featuring super-sized lots to close in the past month. In December, I reported that Horsham, Pa.-based Toll Brothers bought a 47-lot site there for about $44 million. The Stonecliff Estates project will feature average home lot sizes of a little more than 20,000 square feet. Most luxury home lots in inland Orange County range from 6,000 to 10,000 square feet.