Corona, Riverside County, CA
Just south of the 91 freeway, between Green River Road and Serfas Club Drive
Sierra Bella is a fully entitled community of more than 300 acres in the City of Corona. Forestar acquired the property at a trustee’s sale. Sierra Bella will be a gated community with 237 lots terraced into the foothills with spectacular views across the valley to the San Bernardino Mountains.
Sierra Bella is the last remaining residential master-planned community entitled in the City of Corona. It was one of the most sought-after projects in the Inland Empire. This gated community at the western edge of Corona has convenient freeway access and is within easy commuting distance to Los Angeles and Orange counties.
Forestar had been interested in acquiring the property for more than 10 years. The property was owned by a local developer who obtained approvals for the property before the real estate market collapsed. The property was tied up for years as the developer’s original lender was taken over by the FDIC and was eventually sold to California Bank and Trust. The property was put into bankruptcy early in 2011, which prevented the lender from foreclosing. Forestar invested the time and resources to complete the due diligence review of the property. When the bankruptcy was cleared and the auction held three weeks later, Forestar was prepared to acquire the property on the courthouse steps.
Forestar worked with the City of Corona to amend the Specific Plan to reduce the environmental and grading impacts and approve a tentative tract map.