April 18, 2017 Comments Off on Land Sales May Hit $3.9B at FivePoints’ OC Great Park Views: 559 California News, Orange County

Land Sales May Hit $3.9B at FivePoints’ OC Great Park

FivePoint Communities’ recent IPO filing revealed that the Great Park Neighborhoods project site could generate $3.9 billion in land sales from developers. Great Park Venture, the development partnership, has already generated nearly $1.6 billion in lot sales at the former El Toro Marine base.

So far, just 41% of the planned homesites have been released for development. That amounts to 3,866 lots of the 9,500 planned. The remaining 5,634 homesites could generate $2.3 billion more in sales should they be priced similarly to the initial lots.

The Great Park Venture has invested $2.18 billion in development costs thus far, including $1.07 billion related to the properties already sold, and $1.1 billion allocated to future lot sales, according to the SEC filing.

Read more at OC Register

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