The development of The
Village at Rancho Viejo was completed in 2010.
However, due to the 2008 economic crash, Pinnacle West decided to divest
its interest in the real estate development business and liquidate all of its
landholdings under development.
In order to save Rancho Viejo, RVLP entered into a
partnership with Univest, a Phoenix investment and development company to form
Univest-Rancho Viejo LLC which completed the purchase of Rancho Viejo from
SunCor in December 2010. Univest-Rancho
Viejo LLC also owns Ranchland Utility Company, Estancia Homes, LLC, and Rancho
Viejo Properties, LLC. RVLP and Warren
Thompson (son of Leland Thompson, one of the original Rancho Viejo partners) owns
an interest in Univest-Rancho Viejo LLC.
In February 2012, SunCor filed for bankruptcy.
As reported in the February 2011 Rancho Viejo South
Newsletter:
“The future of Rancho Viejo now rests with its
past. The remaining development rights as well as the home-building business, architectural
plans and infrastructure have been purchased by the same family partnership that
first subdivided the area in the 1990s.
“The new
partnership is called Univest-Rancho Viejo LLC, which closed on the purchase
from SunCor in December 2010. SunCor will still service home warranties for
perhaps 100 properties. ‘Warren
Thompson, whose father ranched in what is now the 1,200 home Rancho Viejo
subdivision, is a principal partner in the new business, which includes a small
group of other families,’ said Patrick Thomas, Qualifying Broker for Rancho
Viejo Properties LLC. ‘We now believe that we have a uniquely qualified team to
lead the community forward,’ Thomas said. The sale includes Ranchland Utility,
the sewer system that serves the homes, businesses and schools as well as the
456 approved and platted [mapped out] lots in La Entrada, where 115 homes have
now been built. Other platted lots scattered throughout Windmill Ridge were
also transferred, said Thomas and any construction on those lots rests with the
new company. In all, the family
partnership owns some 22,000 acres that will be managed under Univest-Rancho
Viejo with Tom Lowe as the founding partner.
“The sale
does not include the commercial building [in The Village]e, which is privately held, while
trails, parks, plaza and open space remain the property of the North and South
HOAs. The sale also brings to a close the transition issues of the South
Association. SunCor paid the South HOA $150,000 to cover future costs related
to its common areas and infrastructure.
“Q&A:
Warren Thompson By Lee Lefton
“Recently,
I had an opportunity to speak with one of the new owners, Warren Thompson,
about the history and recent purchase of Rancho Viejo.
“Q: How
& when did Rancho Viejo start?
“A: Back in
1981, my father, Leland Thompson, Jr. and three of his friends set up The
Rancho Viejo Partners, LLC, and bought the Jarrott Ranch from the estate of
Bernice Jarrott Lord. In 1996, the land sold to SunCor, Inc.
“Q: What
company bought Rancho Viejo from SunCor?
“A:
Univest-Rancho Viejo LLC, a real estate development company made up of a group
of original Santa Fe landowners and principals of Scotts- dale, Arizona-based
Univest.
“Q: What is
their vision?
“A: Rancho
Viejo is an outstanding property. We want to see it grow while maintaining the
tradition of community that fulfills the desires of current and future
residents.
“Q: Who will be handling new home sales?
“A: A new,
local firm, Rancho Viejo Realty Co. A separate homebuilding company, Estancia
Homes LLC, will be on-site at the community.
“Q: Will the existing staff stay part of that
team?
“A: Yes. We
want to maintain continuity. Patrick Thomas, the Qualifying Broker for the past
eleven years, will remain in that role for the new company.
“Q: What
are you doing now?
“A: Sailing in the Caribbean.”
According to a January 19, 2011 Santa Fe New Mexican
article, “The development has some 1,200 homes as well as parks, playing fields
and a central plaza. There are three separate homeowner associations that own
all of development's open spaces, recreational areas and six-plus miles of
trails. These areas are not included in the transaction.”
Bruno
Keller, president of the Rancho Viejo North Homeowners Association is quoted as
saying "We hope some of the past plans as presented to us now will be
completed by the new owner."
The article went on to report that
although home sales have slowed in recent years nationally Rancho Viejo still had
forty-one sales of new homes in 2010.
The August 2014 Rancho Viejo South Newsletter reported:
“Univest-Rancho Viejo LLC is restarting the
development of Rancho Viejo begun by the previous developer, SunCor Inc. Changes that occurred during the later stages
of SunCor’s tenure, the ultimate liquidation of SunCor and the Rancho Viejo property by Pinnacle West Capital Corporation, and problems
with the restart process have collectively been a major shock to Rancho Viejo’s
development and have created considerable frustration for Rancho Viejo
residents.”
And in the
December 2014 Issue of the Rancho Viejo
Round Up newsletter the “What’s Happening at the Rancho Viejo Sales Office”
column announced “WE ARE EXCITED to announce that Rancho Viejo Properties has
recently sold out of developed production lots in Windmill Ridge Phase IV, with
the final completion of homes expected March, 2015. We have released 41 new
lots in La Entrada to continue the completion of La Entrada Phase One. To date, we have closed a combined total of
31 homes in Windmill Ridge and La Entrada with a couple more closings by
end of 2014.We will continue to build through the Holiday season as we have 12
new homes on the books for 2015. Seven of those homes yet to be built will be
in La Entrada.”
The same
newsletter also reported that according to the Santa Fe County Sheriff’s office
that Rancho Viejo was the safest community in the county.
Sources:
