Irvine-based master developer SunCal Cos. is buying a 1,600-acre plot of land in Central Florida, its first acquisition in the eastern part of the U.S.
SunCal is buying property in Osceola County’s Toho Preserve from Fort Worth, Texas-based homebuilder D.R. Horton Inc., according to local reports. The site’s entitled for up to 3,650 homes and 450,000 square feet of shops and office space.
Terms of the deal weren’t disclosed. D.R. Horton was said to be asking about $38 million for the land, according to the Orlando Business Journal.
The expansion into a new market comes as privately-held SunCal is facing a tough housing climate in its home state.
Progress at two Orange County housing projects, San Juan Capistrano’s Pacifica San Juan and San Clemente’s Marblehead Coastal, has seen some delays due to the slow housing market.
Another well-publicized plan for condos in the Anaheim Resort District appears to have fallen apart.
Other big-dollar projects are moving ahead. In Los Angeles, SunCal just announced details for a $400 million, 45-story condo tower near the edge of Century City, which would be one of the most expensive residential developments in the West.
