New Valencia model homes are expected to hit the market in just a few weeks, with FivePoint CEO Emile Haddad announcing progress on the company’s development of green infrastructure for the SCV’s West side, after a shareholder call Monday.
FivePoint Holdings LLC, which is developing a 21,500-home planned community along Highway 126, held its first-quarter earnings call, announcing plans to continue its multimillion-dollar investment in “continued horizontal development” for the Valencia project in 2021.
Haddad viewed the progress to date as a significant milestone for the company, as the Valencia project has been touted as a net zero greenhouse gas emissions community.
“This is a very exciting moment for us,” Haddad said. “The strong foundation laid by the Valencia development, which is recognized as one of the best master-planned communities, is going to take us into the future.”
Situated near the Highway 126 and Interstate 5 interchange, the Valencia project in total consists of approximately 15,000 acres and approximately 21,500 planned homes, along with 11.5 million square feet of commercial space, new schools and 10,000 acres of open space, among other amenities.
Those 15,000 acres, which were formerly known as Newhall Ranch, are set to feature five homebuilders — KB Home, Lennar, Richmond American, Toll Brothers and TRI Pointe Group — contributing model homes for the community’s first phase of home sales to the public, comprised of 1,268 homesites in 18 different neighborhoods, with homes ranging from 775 to 3,680 square feet in size, according to FivePoint.
Of those is a 67-home community from KB Homes, whose model homes are expected to debut soon, according to Craig LeMessurier, senior director of public relations and communications.
“We are excited to open our new Clover community in Valencia in a few weeks … (with the) grand opening for our model homes,” LeMessurier said, referring to the community situated just north of Magic Mountain Parkway and west of Commerce Center Drive on Adventure Avenue.
The homes are expected to consist of three floor plans, ranging from 1,412 to 1,738 square feet, all of which have three bedrooms, two-and-a-half bathrooms and two-car garages.
FivePoint has continued to invest in the community’s infrastructure and amenities through the first quarter in preparation for current and future land sales, according to the company’s earnings report.
Haddad said this is just the tip of the iceberg in what the company hopes to achieve with its community, a massive development without environmental impact, which Haddad hopes can demonstrate there doesn’t need to be conflict between environmental justice and development.
Each of the 21,500 homes in the community is expected to be solar-powered and fitted with a charging station, as well as 2,000 other charging stations set to be located in the community itself, Haddad added.
The company’s expenses for the project increased by $0.3 million, or 8.2%, to $4.0 million for the first quarter of this year versus last, which was primarily attributable to an increase in community-related selling and marketing expenses in preparation for the expected builder model home openings this summer, per the report.
The first village of the Valencia project is set to include 1.5 million square feet of planned commercial space, which FivePoint intends to develop targeted to health care providers, life science companies and lifestyle-focused uses.
For more information, visit Valencia.com.