The Rancon Group recently completed the purchase of 94 acres in the Winchester Valley within the Winchester Specific Plan 293. This was an area highly touted by developers in 2006 and marketed as Winchester Ranch.
This portion of Winchester Ranch was sold to a merchant home builder in 2006. After some significant improvement to the property, including final engineering, the developer stopped working on the project due to the recession. It was purchased by the Rancon Group in a year-end close out transaction for approximately seven percent (7%), of what the property was purchased for in 2006.”
“We all had great plans for Winchester Ranch in the early part of the past decade and went full throttle on infrastructure including building a six-lane highway (Domenigoni Parkway),” says Rancon Founder Dan Stephenson. “Unfortunately, the recession hit and the market changed dramatically. Today, we at Rancon still have the passion for the Winchester Ranch vision, and we are making every effort to remain at the forefront of development there.”
The property, which is slated to be part of a larger project known as Conestoga at Winchester Ranch, features an approved Tentative Tract Map for 136 single family homes, plus about 47 acres of open space. Its northern border fronts on Domenigoni Parkway, which currently carries about 25,000 cars per day. The property is just west of Rice Road and will be in a central part of the larger Winchester Ranch community.
“This is an area with so much potential,” says Stephenson. “It is relatively close to existing job centers, including the new Loma Linda Medical Center in Murrieta, and future job centers including the March Global Port along the I-215 Corridor. The master-themed design guidelines for the project call for what today’s homebuyers are looking for - lots of amenities, including open space, trails, and recreational facilities.”
The Rancon Group plans to hold the property until such time as the market returns significantly and then possibly joint venture with other property owners and/or merchant home builders to complete the Winchester Ranch community vision.