Irvine-Based FivePoint Extends Community-Building Vision into Valencia

Wednesday, June 09, 2021

Main News Photo

(CNBC)

FivePoint, land developer behind Irvine-based Great Park Neighborhoods and a gold-level Leaders Circle partner of the Greater Irvine Chamber, is expanding its vision for building sustainable “cities of the future” with the introduction of FivePoint Valencia. The new mixed-use community is poised to become the largest net-zero community in the nation. It will include more than 21,000 homes on 15,000 acres and will include affordable housing, commercial space, park areas, and open space. 

A new housing model is rising from the dirt in Valencia, California, and potentially raising the bar for real estate developers hoping to reduce their carbon footprints.

More than 21,000 homes are going up in a brand-new community that, its developer says, will be the largest net-zero community in the nation, and potentially the world. In other words, it will leave no carbon footprint.

FivePoint Valencia went into planning 20 years ago, but legal battles ensued, pitting environmentalists against real estate planners. Finally, the project is now getting off the ground.

“It was really an attempt to change the paradigm and turn the debate with the environmental community from across the table to let’s sit on the same side of the table and see if we can find ways to move forward,” said Emile Haddad, CEO of FivePoint. “We need to evolve with the world, and I believe that this will be a step forward.”

The plan at the development is eventually for about 21,500 homes on 15,000 acres, built by big names like KB Home, Lennar, Toll Brothers and Tri Pointe. There will be multifamily units, affordable housing and commercial space, as well as park areas and green spaces.

Read the full CNBC article here

 

Category: Leaders Circle, Greater Irvine Chamber, Economic Development, FivePoint