JBJ Ranch, South Corona, CA
Mission Pacific acquired JBJ Ranch in 2010 from an “off-balance sheet” partner for Meritage Homes. JBJ Ranch, which contains 160 acres, is located along Interstate 15 within the supply-constrained South Corona submarket northwest of Lake Elsinore. The property is accessible from the Indian Truck Trail exit and is located roughly 11 miles south of the Interstate 15/91 Freeway interchange.
The property was acquired with an approved tentative map (#31818) for 310 residential lots (5,000 and 6,000 square foot minimums) but with significant entitlement and development issues still to be resolved. Mission Pacific currently is working on solving the remaining development issues which include the formation of a Community Facilities District to fund the expansion of a sewer treatment plant, negotiation of cost sharing agreements with the county regarding major off-site improvements and value engineering the community park, channel and crossing improvements.