IRVINE, CA-Construction is set to begin this month on the first homes in Great Park Neighborhoods, an innovative new master-planned community from development manager FivePoint Communities Management Inc. According to Emile Haddad, CEO of FivePoint, homes are expected to be available for sale in late summer with move-in anticipated before the end of the year.
Pavilion Park, the first of the Great Park Neighborhoods, 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.
Haddad said in a prepared statement, “As exciting as the building of this first neighborhood is, it is just a hint of what Great Park Neighborhoods is about to become.” Development work is now underway on the second neighborhood of the project south of Irvine Blvd., with new home models expected to be unveiled in the latter half of 2014.
Later phases of Great Park Neighborhoods is expected to 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.
As GlobeSt.com reported in January 2011, at that time FivePoint Communities was about to secure a $400-million loan from State Street Bank & Trust Co. for the Great Park Neighborhoods housing project, including Heritage Fields, a 5,000-home master-planned community in the El Toro military base, Irvine. FivePoint is the development manager of Heritage Fields El Toro LLC, which is funding and building major infrastructure improvements to the 1,300 Great Park here.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
