FivePoint Holdings LLC announced the sale of nearly 500 additional home sites at Valencia, formerly Newhall Ranch, as well as the lineup of homebuilders for the first phase of the community.
A total of 487 have closed with proceeds totaling approximately $115 million in the fourth quarter of 2020.
Together with the sales completed since the fourth quarter of 2019, the first phase is set to include 1,268 homesites in 18 neighborhoods, with homes ranging from 775 to 3,680 square feet in size, serving a diverse pool of buyers, with builders to include KB Home, Lennar, Richmond American, Toll Brothers and TRI Pointe Group.
“We are very excited to welcome our builder partners to Valencia. The enthusiasm from the builders validates our vision and together we will build yet another nationally celebrated community,” Emile Haddad, chairman and CEO of Five Point, said in a prepared statement Monday, adding that the community 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.”
The long-anticipated community is expected to 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 is set to include 1.5 million square feet of planned commercial space, which Five Point intends to develop targeted to health care providers, life science companies and lifestyle-focused uses.
“In the midst of a generational housing crisis, this critically needed housing is a welcomed addition to the region,” county Supervisor Kathryn Barger, whose 5th District includes the Santa Clarita Valley, said in the statement. “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 is expected to be included in Five Point’s next earnings report.