I had an interesting interview this morning with two executives with a Southern California developer that just closed escrow Thursday on 510 acres in Lincoln.
Upland-based Lewis Group of Companies plans 2,000 homes on the site just west of
Lincoln Crossing, the big 2,900-home project that mostly sold out during the housing boom.
Even they aren't sure when construction begins. 2011 at the earliest, they figured. The market will tell them when to start, they said.
What's most amazing: this is the first big forward-looking land deal I've heard in a long while. Most developers and builders that make news are trying to unload their land - or keep the banks from repossessing it.
This privately-held developer, known for deep pockets and long view, is betting that job growth will resume in Placer County and make a market for more housing. They said most of the people who move into their development are going to be commuting to Roseville and other places along Highway 65 - NOT to downtown Sacramento.
I'll have the whole story in tomorrow's paper.
We keep looking for these little signs that the real estate market isn't going to stay in the doldrums forever. This appears to be one of those signs. Here's the Lewis logo:
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