Irvine-based developer SunCal Cos. has prevailed in its bid to buy 57,000 acres of historical New Mexico land where it plans to build a masterplanned community.
A $250 million offer to acquire the land’s owner, Albuquerque-based Westland Development Co., was approved this week by Westland’s shareholders, the companies said.
Two-thirds of Westland’s shareholders had to agree. Westland said 72% of its 709,827 common stock shareholders and more than 97% of its 85,100 class B shareholders voted in favor of the deal.
The deal is expected to close by year’s end. SunCal plans to build homes, shops and commercial space on the land along the banks of the Rio Grande.
The company plans next year to start meeting with locals to discuss development plans.
The land also sits atop oil reserves. Rights to oil and gas leases and some mineral rights would go to a new company, Atrisco Oil & Gas LLC, owned by current Westland shareholders.
Westland is owned by heirs of the area’s original settlers. They’ve owned the land dating back to the 1692 Atrisco Land Grant from the king of Spain.
The sales agreement follows a contentious bidding process for the land.
Critics to the sale said a failure to do proper due diligence for the land left money on the table. A lawsuit failed to stop the vote or merger.
Opponents have vowed to fight the sale in court.
