ALISO VIEJO, Calif.--(BUSINESS WIRE)--The New Home Company (NEW HOME, NYSE: NWHM) today announced during a special groundbreaking ceremony that the development of Bedford, the thoughtfully designed 275-acre residential community in Corona, Calif., is progressing on schedule with overall grading operations and site improvements now underway. With plans for approximately 1,620 homes, Bedford is the first master-planned community of this scale to be launched in Corona in more than 15 years.
The highly anticipated community (formerly known as Arantine Hills) is taking shape in a scenic location southwest of the Cajalco Road and I-15 interchange on the site of a former lemon grove near the Santa Ana foothills.
Once grading is complete, construction will begin on an array of community buildings and recreational amenities, including more than 50 acres of open space, parks and a vast network of trails. Later this year, construction will start on the model homes for Bedford’s neighborhoods, planned to open in the spring of 2018.
NEW HOME also announced the opportunities that exist for homebuilders to purchase land for the neighborhoods in the initial phases of Bedford. A large number of Southern California’s top homebuilders attended a Builder Presentation & Land Offering Introduction to begin the selection process.
“Bedford is going to be a very special place, a community unlike any other in the Inland Empire, and we are so pleased with the considerable interest from our fellow homebuilders who want to be a part of it,” said Larry Webb, Chief Executive Officer for NEW HOME. “We have extremely high expectations to deliver one of the region’s premier communities. With that in mind, we will be very thorough in our approach to selecting our homebuilder partners. We will make announcements in the near future on which companies have been selected to help us carry out our vision.”
“We have also begun to advance funds to the City of Corona for a new freeway interchange with direct access to a new toll lane,” continued Webb. “This is unprecedented in terms of a public/private partnership and will not only benefit those who choose to live at Bedford, but all residents of Corona.”
Bedford is a gated community that will offer a range of amenities to neighborhood homeowners. These include a recreational clubhouse called Hudson House, four conveniently located parks and on-street bike lanes. Open to the public will be a multi-purpose trail along the restored Bedford Canyon Wash, and pathways for walking and cycling.
The Hudson House will serve as the Bedford social hub where neighbors will gather and build relationships. It is envisioned to include an adult lap pool with lounge areas overlooking the natural open space, a splash pad, a separate pool and multi-purpose area for the kids, and a collection of indoor/outdoor spaces for neighborhood events or health and wellness classes.
An estimated 10 acres of Bedford have been earmarked for new retail, office, entertainment, lodging and other commercial businesses in the Bedford Marketplace. In addition, The Crossings at Corona and The Shops at Dos Lagos, offering the best restaurants, shopping and entertainment, are just minutes from Bedford.
NEW HOME believes that a community of this size and scale will be very well received by the market given the lack of available housing supply and strong demand trends in Southern California. The first homes, a selection of almost 400 single-family detached and attached residences with a range of architectural styles including Spanish, Monterey, Mediterranean and Contemporary Farmhouse, will be available for purchase in mid-2018.
An interest list for Bedford is now forming at www.LiveBedford.com.
About The New Home Company
NEW HOME is a publicly traded company listed on the New York Stock Exchange under the symbol “NWHM.” It is a new generation homebuilder focused on the design, construction and sale of innovative and consumer-driven homes in major metropolitan areas within select growth markets in California and Arizona, including coastal Southern California, the San Francisco Bay area, metro Sacramento and Phoenix. NEW HOME is a multi-year recipient of “The Eliant” for Best Overall Customer Experience in the Eliant Homebuyers’ Choice Award’s multi-divisional builder segment. In 2017, NEW HOME won a total of 22 Eliant Awards, the highest number earned by a home builder in this year's competition. For two years in a row, NEW HOME has been named to the Inc. Magazine Founders 40 list, recognizing newly public companies that have maintained a strong entrepreneurial spirit. For more information about the company or its current new-home offerings, visit www.NWHM.com.