Legacy Park, Moreno Valley, CA
Mission Pacific acquired Legacy Park, a 109-acre infill property located in Moreno Valley in late 2010. The acquisition was a REO sale from an affiliate of a large national bank. The property is conveniently located within three miles of both Highway 60 and Interstate 215.
At the time of purchase, the property naturally divided into two phases. Phase I ("Legacy 140") contained 140 graded lots (7,200 square foot minimum) with a recorded final map on roughly 34 acres. Phase II ("Legacy 75") contained 74.89 raw acres with R-5 zoning (du/acre) allowing up to 371 units.
Working closely with the City of Moreno Valley, in 2012 Mission Pacific sold 21 acres of the Phase II property to Walmart. As a result of the sale, Mission Pacific was able to return substantial capital to its investors and reduce the risk associated with holding the balance of the property.
After revising the improvement plans for the Legacy 140 property, Mission Pacific sold the property to a private homebuilder in 2016. Mission Pacific obtained approval of a general plan amendment and tentative map for a 221 single family home development on the remaining 54 acres of Phase II. Mission Pacific also prepared and completed grading and improvement plans to make the project “shovel ready” for a buyer. This property was sold to a public homebuilder in 2020.