Forest City Gets Residential Development Underway in San Antonio

The Forest City Land Group, which is part of Forest City Enterprises, Inc., along with Covington Capital Corporation, acquired more than 2,500 single-family home lots in San Antonio back in January. What does that mean for San Antonio? More growth, of course. Which inevitability leads to a stronger economy and a stronger housing market.

Residential Housing Market Remains Strong

Forest City and Covington Capital, which identified San Antonio as one of several key markets across the US, attained lots and land in several of the planned communities in San Antonio, including Alamo Ranch, Stillwater Ranch, Ashton Park, Indian Springs and Heights of Cibolo, among others. The land and lots were acquired from Standard Pacific Homes of Irvine, California.

The lots and land, which will accommodate both first-time home buyers, as well as those looking to move up into a larger home, include both finished lots and future platted lots. Homes will be available in a wide price range to suit many budgets.

The Attraction of San Antonio to Developers

It’s no surprise that Forest City and Covington Capital chose San Antonio for their land and lot acquisition. San Antonio’s healthy housing market has attracted many developers to this region. Other reasons for San Antonio’s popularity among developers and builders are its solid job growth (15,500 new jobs in 2007 alone), its attractive cost of living and its abundant recreational opportunities.

The president of Forest City, Bob Monchein, said that the abovementioned factors “provide a positive outlook for the single-family market in the long-term.”

Both Forest City Enterprises, Inc. and Covington Capital Corporation are national real estate companies. Forest City Enterprises owns, develops, manages and acquires land throughout the United States. Covington Capital Corporation is a privately-owned real estate investment and development company which has been in business for 25 years. They develop raw land, commercial and industrial projects.

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