Five Point Holdings, LLC Announces Sales of Homesites at Valencia in Los Angeles County
January 11 2021 - 4:15PM
Business Wire
Five Point Holdings, LLC (“Five Point” or the “Company”)
(NYSE:FPH) announced today the sale of additional homesites at its
Valencia community, previously known as Newhall Ranch, and the
line-up of homebuilders for the first phase of the community.
In the fourth quarter of 2020, the Company sold 487 homesites
for a gross purchase price of $115 million. Together with the sales
completed since Q4 2019, the first phase will include 1,268
homesites in 18 neighborhoods, with homes ranging from 775 to 3,680
square feet in size that will serve a diverse pool of buyers. The
builders in the first phase of Valencia are KB Home, Lennar,
Richmond American, Toll Brothers and TRI Pointe Group.
“We are very excited to welcome our builder partners to
Valencia. The enthusiasm from the builders validates our vision and
together we will build yet another nationally celebrated
community,” said Emile Haddad, Chairman and CEO of Five Point.
The long anticipated community will be the largest provider of
new homes in Los Angeles County, with plans for approximately
21,000 homes, 11.5 million square feet of commercial space, and
10,000 acres of open space. The first village includes 1.5 million
square feet of this planned commercial space, which the Company
intends to develop. The space in this phase is expected to target
healthcare providers, life science companies and life-style focused
uses.
Haddad added, “We are proud of our long-standing partnership
with the County of Los Angeles. This partnership is now bringing
forward a community that will be a model of balance between social
equity and environmental justice. It will deliver a wide range of
housing opportunities in one of the most constrained housing
markets in the country and is being developed as the largest net
zero greenhouse gas emission community of its kind in America.”
Kathryn Barger, the Supervisor of Los Angeles County’s 5th
Supervisorial District – the county’s largest District and the one
in which Valencia is located – said, “In the midst of a
generational housing crisis, this critically needed housing is a
welcomed addition to the region. The Five Point team’s thoughtful
innovation in the development of these new communities will be a
model for the future. I am grateful for this partnership of nearly
two decades.”
The financial results of these transactions will be included in
the Company’s next earnings report.
About Five Point
Five Point, headquartered in Irvine, California, designs and
develops large mixed-use, master-planned communities in Orange
County, Los Angeles County, and San Francisco County that combine
residential, commercial, retail, educational, and recreational
elements with public amenities, including civic areas for parks and
open space. Five Point’s communities include the Great Park
Neighborhoods® in Irvine, Valencia® (formerly known as Newhall
Ranch®) in Los Angeles County, and Candlestick® and The San
Francisco Shipyard® in the City of San Francisco. These communities
are designed to include approximately 40,000 residential homes and
approximately 23 million square feet of commercial space.
Forward-Looking
Statements
This press release contains forward-looking statements that are
subject to risks and uncertainties. These statements concern
expectations, beliefs, projections, plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts. When used, the words
“anticipate,” “believe,” “expect,” “intend,” “may,” “might,”
“plan,” “estimate,” “project,” “should,” “will,” “would,” “result”
and similar expressions that do not relate solely to historical
matters are intended to identify forward-looking statements. This
press release may contain forward-looking statements regarding: our
expectations of our future revenues, costs, and financial
performance; future demographics and market conditions in the areas
where our communities are located; the outcome of pending
litigation and its effect on our operations; the timing of our
development activities; and the timing of future real estate
purchases or sales, including anticipated deliveries of homesites
and anticipated amenities in our communities. We caution you that
any forward-looking statements included in this press release are
based on our current views and information currently available to
us. Forward-looking statements are subject to risks, trends,
uncertainties, and factors that are beyond our control. Some of
these risks and uncertainties are described in more detail in our
filings with the SEC, including our Annual Report on Form 10-K,
under the heading “Risk Factors.” Should one or more of these risks
or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those
anticipated, estimated, or projected. We caution you therefore
against relying on any of these forward-looking statements. While
forward-looking statements reflect our good faith beliefs, they are
not guarantees of future performance. They are based on estimates
and assumptions only as of the date hereof. We undertake no
obligation to update or revise any forward-looking statement to
reflect changes in underlying assumptions or factors, new
information, data or methods, future events, or other changes,
except as required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210111005996/en/
Five Point Holdings, LLC Investor Relations: Bob
Wetenhall, 949-349-1087 bob.wetenhall@fivepoint.com or
Media: Steve Churm, 949-349-1034
steve.churm@fivepoint.com
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