Five Point Holdings, LLC recently announced the sale of additional homesites at its Valencia community, previously known as Newhall Ranch, and the lineup of homebuilders for the first phase of the community.
In the fourth quarter of 2020, Five Point Holdings sold 487 homesites for a gross purchase price of $115 million. Together with the sales completed since Q4 2019, the first phase will include 1,268 homesites in 18 neighborhoods, with homes ranging from 775 to 3,680 square feet in size that will serve a diverse pool of buyers.
The builders in the first phase of Valencia are KB Home, Lennar, Richmond American, Toll Brothers, and TRI Pointe Group.
“We are very excited to welcome our builder partners to Valencia,” said Emile Haddad, chairman and CEO of Five Point. “The enthusiasm from the builders validates our vision and together we will build yet another nationally celebrated community,”
The long-anticipated community will be the largest provider of new homes in Los Angeles County, with plans for approximately 21,000 homes, 11.5 million square feet of commercial space, and 10,000 acres of open space. The first village includes 1.5 million square feet of this planned commercial space, which the Company intends to develop. The space in this phase is expected to target healthcare providers, life science companies and life-style focused uses.
“We are proud of our long-standing partnership with the County of Los Angeles,” Haddad said. “This partnership is now bringing forward a community that will be a model of balance between social equity and environmental justice. It will deliver a wide range of housing opportunities in one of the most constrained housing markets in the country and is being developed as the largest net-zero greenhouse gas emission community of its kind in America.”
Los Angeles County Supervisor Kathryn Barger, whose 5th District includes the Santa Clarita Valley, said, “In the midst of a generational housing crisis, this critically needed housing is a welcomed addition to the region. The Five Point team’s thoughtful innovation in the development of these new communities will be a model for the future. I am grateful for this partnership of nearly two decades.”
The financial results of these transactions will be included in Five Point Holdings’ next earnings report.
About Five Point
Five Point, headquartered in Irvine, California, designs and develops large mixed-use, master-planned communities in Orange County, Los Angeles County, and San Francisco County that combine residential, commercial, retail, educational, and recreational elements with public amenities, including civic areas for parks and open space. Five Point’s communities include the Great Park Neighborhoods in Irvine, Valencia (formerly known as Newhall Ranch) in northern Los Angeles County, and Candlestick and The San Francisco Shipyard in the City of San Francisco. These communities are designed to include approximately 40,000 residential homes and approximately 23 million square feet of commercial space. Visit fivepoint.com.