IE Business Daily Business news for the Inland Empire.
A Corona Del Mar developer plans to build 35 single-family homes in Grand Terrace.
The Greystone Group has purchased a 3.8-acre parcel of open space at Mt. Vernon Avenue and Interstate 215, said Les Whittlesey, principal with WD Land, a land brokerage company in Irvine.
The transaction was announced Tuesday.
Capital Pacific Homes in Aliso Viejo sold the property for an undisclosed sum, according to WD Land, which helped broker the deal.
“It’s a good little site,” Whittlesey said of the property, which is bordered by East Canal Street and Barton Road. “There are a couple of other projects out there that are doing well, so this should be a good project.”
Construction is expected to start in six months, with the project expected to be built in two or three phases. The houses will have two, three or four-bedrooms, cover just under 2,000 square feet and sell for $330,000 to $360,000, Whittlesey said.
“The [housing] market is getting stronger,” Whittlesey said. “It’s getting steady, but a lot still depends on the submarket and the price point.”
