Orange County-based homebuilders make up two of three firms tapped to build the first batch of homes at Bedford, the first major residential development in Corona in more than 15 years.
Aliso Viejo based New Home Co. is acting as master developer of the 275-acre site, which is slated to hold just over 1,600 homes over the next decade.
It bought the site, previously called Arantine Hills, in 2014 in a joint venture with Toronto-based Tricon Capital Group Inc.
Bedford is just over the Orange-Riverside county line in Corona near the intersection of the Corona (15) Freeway and Cajalco Road next to the Eagle Glen master-planned community. It’s about 30 miles from John Wayne Airport.
New Home began grading last year for an area to get the first 400 homes.
The company said last year that it planned to sell parts of the land to other builders, in addition to building some homes on its own. New Home has increasingly targeted the Inland Empire as it plans more affordable homes to go alongside its high-end offerings.
The first 238 home lots at Bedford are spoken for, according to New Home.
TRI Pointe Homes, a unit of Irvine-based TRI Point Group Inc. that’s been an active builder in the Inland Empire for several years, will build a 101-townhome project called Citron. Homes there will range from 1,231 square feet to 1,514 square feet with three bedrooms and 2 ½ baths. Prices will start in the low $400,000s.
Salt Lake City-based Woodside Homes, another builder with an active Inland Empire pipeline, is building Nova, a 96-home project whose offerings will range from 1,754 square feet to 2,296 square feet and have up to five bedrooms. Prices will start in the low $500,000s.
New Home is keeping 41 lots for itself that will hold Whitney, the largest of Bedford’s first homes. They’ll be 2,771 square feet to 3,327 square feet with four to five bedrooms. Prices will start in the mid-$600,000s.
The three neighborhoods are scheduled to open in a few months.