[Five Point Holdings LLC] – In a major step forward to opening its newest master-planned community in Los Angeles County, Five Point Holdings LLC has announced the sale of 781 homesites at Valencia (formerly Newhall Ranch) in the fourth quarter of 2019. The Company closed on 711 of these homesites, and the balance is anticipated to close in the first half of this year. The proceeds from the closed homesites were approximately $135 million.
“This is a milestone for the Company, as we have been waiting for this day for a long time,” said Emile Haddad, Chairman and CEO of Five Point. “These are the first deliveries of the approximately 21,000 homesites anticipated to be delivered next in Valencia, building on the reputation of one of the premier master-planned communities in the country that already has over 60,000 existing residents and 60,000 permanent jobs.”
“Los Angeles is one of the most constrained housing markets in the country,” he said, “and we are excited to be working with the County of Los Angeles to build this new community within Valencia. It will ultimately include the lifestyle elements and amenities that we believe are essential to creating a fully integrated and multi-generational community, while helping mitigate the County’s growing need for additional housing.”
This new community is anticipated to provide a wide range of homes, high quality public education, job/housing balance with approximately 11.5 million square feet of commercial space, including healthcare and lifestyle-focused uses among other amenities, and 10,000 acres of open space. In addition, this community is designed to be the first net zero greenhouse gas community of its size in America.
The financial results of this transaction will be included in the Company’s 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 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.
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3 Comments
Where’s the water? We have all these wells contaminated with these new Teflon chemicals and the County didn’t even require an updated water supply report. We can’t get through the pass now. More and more people, more and more traffic and air pollution, not enough water. Does anyone else see a problem here?
With all these new wells that may be closed from the Teflon chemicals, where is all this water going to come from? The County didn’t even require and updated water supply report as required by law. This is not mention the traffic and air pollution. We are supposed to think this is a good thing?
No WW, we’re supposed to think that whatever the County of LA says is good for us is true and that we will benefit from the good works done by our elected officials.
PFAs are just letters, and in good time our County Officials will take care of them for us. After all, their job is to take care of all of us, isn’t it? From the highest mountain-perched mansion to the lowliest indigent camp in the riverbed, we are all under their tender care.
And if things (God forbid!) don’t get fixed right away, we can always move up the hill to the next development.
Or the next river bottom. Or Cal City.