CALABASAS, CA-A joint venture between California-based homebuilder the New Home Co. and Tricon Capital Group Inc. has acquired the Calabasas Inn, located at 23500 Park Sorrento, from D2 Development Inc. for an undisclosed price, GlobeSt.com reports exclusively. The joint venture plans to demolish the current property and build a 72-unit mixed-use multifamily complex, named the Village at Calabasas, on the site. The estimated cost of the project is $80 million.

“This project is the first of its kind for Calabasas,” says Joseph D. Davis, New Home's chief investment officer. “With the financial strength of Tricon [and] the design expertise and customer service approach of our company, it will undoubtedly succeed on many different levels.”

The development project will break ground later this year, after nearly a year of planning and development. As a mixed-use community, the Village at Calabasas will feature retail space and lifestyle amenities; however, this property adds a luxury touch with resort-style landscaping, oval-shaped swimming pools, private cabanas and outdoor fireplaces. The individual two- and three-bedroom units are between 2,038 and 2,549 square feet and include perks like private balconies and semi-private elevators that boast penthouse-type access to apartments.

In tune with New Home's environmentally responsible design and building practices, the building will be built to LEED Silver standards. “This includes incorporating 'Green Building' standards to increase the efficiency and use of energy, water and material resources while reducing impacts to the environment,” says Stephen Jordan, New Home VP. “Once complete, The Village of Calabasas will be a community that our residents, business owners and all of Calabasas will be proud to have in the city.”

News of mixed-use developments has not slowed. Just yesterday, GlobeSt.com reported a new mixed-use property breaking ground in Hollywood, while several mixed-use developments have been announced in Downtown Los Angeles, including a similar development in the arts district where the Megatoys' warehouses are being torn down to make way for a two-building mixed-use property.