Countryside

Countryside consists of three parcels totaling 80 acres in the New Model Colony area of Ontario approved for 461 lots. The community features a neighborhood park, and it is across the street from a regional park and adjacent to full-service shopping centers.

Levine Investments acquired the property in a land-banking arrangement with Meritage Homes. After Meritage did not exercise its option, Forestar purchased the property from Levine. The tentative tract maps had expired, and the consortium of builders and developers (New Model Colony Builders) that was formed to finance and build regional infrastructure was at a standstill. Forestar was attracted to the property because of its macro location, large size and the fact that it was the only property in the entire New Model Colony area that is adjacent to all utilities and roads necessary to serve the first phase of development. Forestar subsequently acquired the adjacent Hughes parcel, which will benefit from the same infrastructure improvements.

Before closing on the property, Forestar negotiated with Levine and Meritage to obtain the necessary rights to become a New Model Colony Builders consortium member. Forestar processed new tentative tract maps and a development agreement in less than a year. As part of the agreement, Forestar secured the right to develop the first phase of lots from the city’s existing water line, which is adjacent to the property. Forestar sold the lots to D.R. Horton and Lennar.