Five Point Holdings, LLC Announces the Sale of First Homesites at new Community in the Santa Clarita Valley
Five Point Holdings, LLC 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.”
"We hear from CEOs time and time again that affordable housing is a major issue in finding and retaining their workforce. This development will create new housing opportunities and will be a vibrant and dynamic asset for our valley and all of L.A. County," said Holly Schroeder, President & CEO of the Santa Clarita Valley Economic Corporation. “This project contributes to the Santa Clarita Valley’s job base with construction jobs now, and will provide long-term employment opportunities for our residents.”
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 Santa Clarita Valley Economic Development Corporation (SCVEDC) is a unique private / public partnership representing the united effort of regional industry and government leaders. The SCVEDC utilizes an integrated approach to attracting, retaining and expanding a diversity of businesses in the Santa Clarita Valley, especially those in key industry clusters, by offering competitive business services and other resources.