DR Horton Declined to Buy 290 Acres Near Port
A major homebuilder wants to buy 290 acres from the troubled Port of Sacramento.
Monday, September 27, 2004
D.R. Horton has offered to pay $87 million dollars for the land, near Southport, an area in West Sacramento that’s been a big success in the development and sale of new homes. But Port officials are declining the offer, at least until a new master plan is completed by year’s end. The port lost nearly $2 million in its most recent fiscal year. Some advocate closing it down, others believe that expensive dredging of the Deep Water Channel would rejuvenate shipping. One thing is certain. The housing market is red hot, and homebuilders like Horton are paying a premium to secure land for new construction. At least 1,500 homes would fit on the 290 acre site.