IRVINE, Calif.--(BUSINESS WIRE)--With property entitlements completed and construction well underway, New Home Co. is now transforming 159 acres in the heart of Eastvale, California into the thoughtfully designed master-planned residential infill community of Eastvale Square. The Irvine, California-based homebuilder and land developer anticipates an economic benefit of more than $1 billion through the creation of almost 2,000 homes, in addition to a new city civic center, new police and fire stations, a public library, and hundreds of thousands of square feet of office and lifestyle-focused retail space.
The Eastvale Square residential community will be located next to the first-ever downtown district in Eastvale since incorporating in 2007 and represents the last major residential development opportunity in the city.
The community is taking shape on land purchased by New Home Co. from the family trusts of a local family and reflects the company’s ability to align various interests around adaptative re-use of underutilized land. The masterplan is ideally located immediately west of the Interstate 15 Freeway, providing excellent convenience to commute throughout the Inland Empire and to Orange and Los Angeles counties.
New Home Co. is actively under construction at Eastvale Square and plans to open an on-site Sales Gallery and begin phase one sales across the community’s first five neighborhoods this September.
New Home Co. plans to build all the residential for-sale homes in the community. In addition, it will complete the infrastructure on the mixed-use neighborhoods before selling the sites to an apartment developer. New Home Co. will give 1.2 acres to the City of Eastvale for a new fire station and an another 6.2 acres for the city hall, library, police station and public park. New Home Co. will sell the 11.8-acre commercial core in the master plan to the City of Eastvale.
The city will be responsible for the planning and development of the commercial and civic components, which will become integral parts of the new downtown district for Eastvale.
“Eastvale Square represents a new and progressive vision for the future in Southern California,” said Matthew R. Zaist, CEO of New Home Co. “In terms of local-market share, capital investment, and overall importance to the future of the City of Eastvale, this is the most significant development we’ve ever done. We’re fortunate to have the capital and investment in our homebuilding platform from funds managed by Apollo Global Management, who have been strong supporters of our growth trajectory over the last few years.”
For more information on New Home Co., visit NewHomeCo.com.
About New Home Co.
New Home Co. is a leading high growth homebuilder headquartered in Irvine, Calif. It has divisions within select growth markets in California, Arizona, Colorado, Oregon, Washington and Texas. New Home Co. is one of the most awarded homebuilders in the United States. It was named 2019 Builder of the Year by Professional Builder and is a multi-year recipient of “The Eliant” for providing the Best Overall Customer Experience in North America in the Eliant Homebuyers’ Choice Awards. New Home Co. has won hundreds of awards in the homebuilding industry for its design and planning excellence, dozens of “Community of the Year” awards, and was recognized five straight years for creating the best community or master plan in all the United States. For more information, visit NewHomeCo.com.
