Rice Ranch Ventures Acquisition Fund announced that it’s purchased Lehman Brothers’ interest in Orcutt’s Rice Ranch, northern Santa Barbara County’s largest master planned community.
As a result of financial backing from Rice Ranch Ventures and its managing development firm, Western Pacific Land Group, Rice Ranch has secured favorable long-term land development and construction financing for the project.
The Rice Ranch project is currently in its second phase of development. Once completed, the community will boast a total of 725 residential units in five distinct neighborhoods. Construction of a new phase of hilltop homes is projected to start in February 2010.
For more information, visit riceranchcommunity.com or call Rhonda Scangarello at 938-0626.
This article appears in Dec 31, 2009 – Jan 7, 2010.