IE Business Daily Business news for the Inland Empire.
A groundbreaking is scheduled Thursday on the first phase a large master-planned community in Corona.
Terramor will consist 1,443 single-family lots, most of which will be set aside for residents 55 and older, according to a statement released Tuesday by Foremost Cos. in Corona, the project’s developer.
The project will be built on 961acres near the Cleveland National Forest. Starwood Capital Group, a private investment firm based in Greenwich, Conn., has partnered with Foremost Cos. and is providing financing.
About 430 houses will be for sale during the first phase.
Terramor’s first phase is scheduled to be completed in spring of 2017. It will include a sports park, swimming pool, clubhouse and several miles of hiking trails.
The project, which has been in the pipeline for several years, is believed to be one of the largest projects of its kind in Southern California. It will overlook Cleveland National Forest and Saddleback Mountain.
