Stalled Home Development Gets New Owners, Life
Taylor Morrison Home Corp formed a JV to buy the unfinished Pacifica San Juan home development in San Juan Capistrano. The project is one of the last major undeveloped coastal tracts in the region. Scottsdale-based Taylor Morrison didn't reveal financial details on the deal, which was made with LA-based Oaktree Capital Management and DMB Pacific Ventures in S.F., reports the San Francisco Business Times. Pacifica San Juan, which sits on an ocean-view bluff overlooking San Juan Capistrano and Dana Point, was previously owned by Lehman Brothers Holdings Inc, which declared bankruptcy in 2008. Development on the residential community began in the early 2000's but the recession stalled construction and the site lay dormant for years with only 98 of the anticipated 416 homes being built. [SFBT]
