HomeFed Buys Massive Otay Ranch Development Site
The Carlsbad company already tapped by the City of Chula Vista to develop a 375-acre mixed-use project is expanding its holdings nearby with a 1,400-acre purchase. HomeFed Corp. is under contract to buy a large swath of land contiguous with HomeFed and Chula Vista's planned University and Innovation District land. HomeFed bought the new parcels from State Street Corp, according to SEC and California corporation records, for $150M. The land will allow HomeFed to develop more than 2,600 single family homes, more than 4,200 multifamily units and 40k SF of commercial space, along with 30 more acres for industrial/office space and 700 acres of green space. It's set to close later this summer. In 2014, Chula Vista and HomeFed entered into an agreement to jointly develop the initial project.
