ALISO VIEJO, Calif. & SAN FRANCISCO--(BUSINESS WIRE)--Working diligently for nearly two years, DMB Pacific Ventures successfully negotiated the residential land entitlement of 16 acres in the highly desirable Berryessa District of San Jose.
The property is located near the intersection of Old Oakland Road and East Brokaw Road in San Jose, two miles east of the San Jose International Airport and directly across from the San Jose Municipal Golf Course. DMB Pacific Ventures partnered with the land owner in negotiating the residential land entitlements with the city of San Jose. The land has been owned by the Fox family of San Jose for more than five decades and was most recently home to a metal recycling business. Linda Fox Mighdoll of LFM Properties represented the Fox family on the transaction.
The New Home Company of Aliso Viejo, Calif. acquired this 16- acre infill property on May 31, 2012 and is the largest residential land deal in San Jose in 2012.
The New Home Company plans to build 261 single-family attached homes on 13-acres of the property. The Company will also dedicate a one-acre public park and two acres of restored riparian area to the City of San Jose.
“We’ve worked diligently with DMB Pacific Ventures to finalize this agreement,” said AJ Jarvis, President of TNHC Land Company, the land-acquisition subsidiary of The New Home Company. “We are thrilled to become an integral component of the North San Jose Development Plan. Our innovative design approach for the new homes will complement the thoughtfully planned retail development being built in the area. We look forward to sharing our plans for three distinct product types in the coming months.”
The New Home Company has not yet established pricing for the new homes. Jarvis said the Company plans to break ground for the community in late 2012.
“I want to thank the New Home Company for making a significant investment in San Jose,” Mayor Chuck Reed said. “This project will generate hundreds of construction jobs and new homes for our region’s growing workforce.”
The New Home Company is one of California’s most active homebuilders. With last month’s much anticipated Grand Opening of Lambert Ranch in Irvine, The New Home Company also unveiled its new Life Space home designs. The company’s signature, gated, master-planned community of 169 luxury residences in the hills of Irvine features compound estates, guest houses and private quarters in each of its three neighborhoods. The innovative Life Space homes are designed to provide room for everyone on the family tree, making Lambert Ranch one of the most forward-looking communities in the country.
Since opening on April 28, 2012, The New Home Company has sold 34 homes at Lambert Ranch.
“Lambert Ranch is a real success story and has caught the attention of the homebuilding industry, consumers and the media,” said Jarvis. “We expect our community in San Jose to have the same type of success in the Bay Area new-home market.”
The New Home Company is also in the planning stages of new communities in Foster City, Larkspur and Folsom in Northern California, as well as select locations in Southern California.
“DMB Pacific Ventures is pleased to have successfully entitled this 16-acre infill, re-use property in the heart of Silicon Valley,” said Mark C. Kehke, Executive Vice President and Chief Operating Officer for DMB Pacific Ventures. “Working cooperatively with the land owner, the City of San Jose and now with The New Home Company, this property will bring much needed housing and jobs to the City.”
About The New Home Company
The New Home Company was founded three years ago by residential development leaders Larry Webb, Wayne Stelmar, Tom Redwitz and Joe Davis. The New Home Company is focused on developing unique communities in both Northern and Southern California. For more information about the company or its current new-home offerings, visit www.TheNewHomeCompany.com.
About DMB Pacific Ventures
DMB Pacific Ventures is a strategic real estate and land use investment company led by Eneas Kane, President and Chief Executive Officer, and Mark Kehke, Executive Vice President and Chief Operating Officer. The company is funded by equity investors Madrone Capital Partners and Argonaut Private Equity. Headquartered in San Francisco, DMB Pacific Ventures manages some of the largest projects in the State of California and on the West Coast, including Tejon Mountain Village, Martis Camp, Kukui’ula and Redwood City Saltworks. For more information, please visit www.DMBPacificVentures.com.
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