07:29 PM PDT on Monday, September 27, 2010

By LESLIE BERKMAN
The Press-Enerprise

A 65-acre site in north Fontana was purchased for residential development last week by Forestar Land Partners, a joint venture between owners of Foremost Communities, an Irvine-based land developer, and an East coast investment fund.

The price that Forestar paid Bank of America for the land was not disclosed.

Foremost President Steve Cameron said the land’s attraction is that it is slightly south of Interstate 210 and about three miles east of Interstate 15, close to employment centers, new shopping areas and within walking distance of schools.

Young Homes, the previous owner of the property that Bank of America foreclosed on, had city approval to build 721 condos and townhouses, according to Bart Beasley, the broker for Bank of America. Cameron said Foremost Communities will re-plan the site for 400 to 450 single-family homes. He said it will take about a year for Foremost to work with the city to obtain a new development plan.

Cameron said Forestar will wait for the housing market to recover before selling the land to home builders either in its current condition or in developed lots. He said he expects home building to begin on the site in two to three years and for the first homes to be available for sale in 2013 or 2014, with homes priced at about $300,000.

The joint venture’s financial partner based in Greenwich, Conn., has $1 billion to invest in distressed properties worldwide.

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