Eight Leading Homebuilders To Begin Construction of Great Park Neighborhoods

IRVINE, Calif., May 2, 2013 /PRNewswire/ -- FivePoint Communities Management, Inc. today announced that eight leading residential builders will begin construction this month on the first homes in Great Park Neighborhoods, one of the region's most innovative new master planned communities.

"This is a truly exciting step forward in the evolution of Great Park Neighborhoods," said Emile Haddad, CEO of FivePoint Communities, the development manager of the project. "Homes are expected to be available for sale in late summer with the first families ringing in the new year in their new homes. We are proud of this all-star lineup of regional and national homebuilders who have chosen to invest in Great Park Neighborhoods."

The roster of builders is: K. Hovnanian Homes, Lennar, William Lyon Homes, Pulte Homes, Richmond American Homes, Ryland Homes, Shea Homes, and Taylor Morrison.

Said Richard Douglass, Division President of Ryland Homes, Southern California: "It is great to see the project happening and we're very delighted to be part of this new community."

The first of the Great Park Neighborhoods is called Pavilion Park and is named after the centerpiece six-acre park expected to open in late summer. All of the models from the various builders will be clustered around the park to create a unique one-stop experience for homebuyers. Pavilion Park will consist of 726 single-family homes and detached condominiums with prices estimated to start in the $600,000s. The variety and adaptability of 31 different floor plans in classic American Heritage architecture reflect the larger vision for Great Park Neighborhoods as an example of how land can be strategically reimagined to sustain a changing and growing population. 

"As exciting as the building of this first neighborhood is, it is just a hint of what Great Park Neighborhoods is about to become," Haddad said. Development work on the second neighborhood of the project south of Irvine Boulevard is now underway, with new home models expected to be unveiled in the latter half of 2014.

Later phases of Great Park Neighborhoods will add mixed-use retail, entertainment and office development to create nearby jobs and minimize traffic impacts on surrounding roads and freeways. In addition, new school campuses will be built to ensure that residents have quality schools in their neighborhood.

Great Park Neighborhoods will become a pedestrian- and transit-friendly community surrounding the Orange County Great Park, which will include 23 miles of walking and biking trails that will connect the neighborhoods to a commuter train station, schools, retail shops and nearby Cleveland National Forest as well as the Great Park itself. The community will be enhanced by more than 500 heritage trees rescued and replanted during the conversion of the former military base to the Great Park Neighborhoods Master Plan.

FivePoint is the development manager of Heritage Fields El Toro LLC, which is funding and building major infrastructure improvements to the 1,300-acre Great Park. Heritage Fields will fund the infrastructure development of the Great Park through an agreement with the City of Irvine that calls for approximately $383 million in infrastructure improvements. Heritage Fields additionally will cover a portion of the ongoing costs of the Great Park's operation, estimated at several million dollars a year.

"With a new community of this magnitude, there is significant collaboration and numerous development activities in motion at any given time," Haddad said. "Not only are we already planning the next phase to be announced in 2014, but Heritage Fields is jointly building infrastructure with the City of Irvine along Trabuco Road to accommodate the hundreds of thousands of visitors expected to attend the U.S. Department of Energy's Solar Decathlon at the Orange County Great Park in October."

"Rarely, do you find yourself with such a unique opportunity to develop property that is rich in history, located in the heart of Orange County with easy access to jobs and transportation in an award-winning city, such as Irvine," said Haddad. "We are creating a place where people can connect with each other and nature and embrace the best aspects of Southern California."

ABOUT PAVILION PARK

Pavilion Park is the first Great Park Neighborhood with 726 residences in 10 new home collections presented by eight leading homebuilders. With homes located along meandering streets lined with reclaimed heritage trees and surrounded by nature, this new neighborhood has been designed for an active lifestyle of walking, jogging and biking. New homes are expected to go on sale in late summer 2013.

ABOUT GREAT PARK NEIGHBORHOODS

The Great Park Neighborhoods will be the only master-planned community immediately adjacent to the Orange County Great Park located in the heart of Orange County, Calif. This dynamic new community taking shape within the City of Irvine will offer distinct neighborhoods and park-side living. The multi-generational neighborhoods will consist of a variety of residential choices and an innovative blend of "main street" retail, office, commercial and educational uses. Great Park Neighborhoods will link 23 miles of new hiking and biking trails to the Cleveland National Forest, the Great Park and the Irvine Transit Center.

About FivePoint Communities

FivePoint Communities Management, Inc. is an independent real estate development and management company jointly owned by Emile Haddad and Lennar Homes of California, Inc., a subsidiary of one of the largest publicly held homebuilders in the United States. FivePoint Communities currently oversees major projects in California. Three are in Southern California: Valencia, developed in north Los Angeles County by Newhall Land and Farming Company; Newhall Ranch, also in north Los Angeles County; and the Great Park Neighborhoods in Irvine (formerly the Marine Corps Air Station El Toro).

SOURCE FivePoint Communities