The property, known as Rancon Sevilla, was acquired for less than 18 percent of its estimated retail value in 2007, according to Rancon Founder Dan Stephenson.
“This is one of those very viable, well-planned, projects that fell victim to the market,” says Stephenson. “We are pleased to be stepping in and putting it back on track, both because it’s a great opportunity for us, and also that it is a project that we believe is needed in the area.”
Rancon Sevilla is located in what is known as an “in-fill” area of the once rapidly developing French Valley. This project features 180 townhome lots on approximately 20 acres, and also includes more than four (4) acres of commercial-use lots. In addition, the project will feature more than 14 acres of “environmental” open space.
Its approved tentative tract maps adhere to the new State guidelines for sustainable communities (SB 375). Rancon Sevilla is set to be one of the ideal “livable” communities in Southwest Riverside County.
“The landscape for development is changing in Southern California, and there’s a call for more of a mixed-use approach where driving to and from work and shopping is minimized,” says Stephenson. “This project fits that niche, and will be at the forefront of the next wave of residential development here in Southwest Riverside County.”
The French Valley is one of the fastest growing residential communities in Southwest Riverside County and includes a regional airport. It is located in an unincorporated area of Riverside County just east of the cities of Temecula and Murrieta.
Rancon Sevilla will be owned by a Rancon Group partnership, Rancon Sevilla, 180 LLC. For more information, please call Jim Lytle at the Rancon Group.