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REAL ESTATE INDUSTRY NEWS
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Irvine Co. gets back into homebuilding business

Firm's affiliate, Irvine Pacific, will develop nearly 250 homes in Stonegate East.

By Kristen SchottPublished: April 20, 2010 11:38 AM

For the first time in more than two decades, the Irvine Co. is getting back into the homebuilding business. Typically, the Irvine Co. sells land to merchant builders, who do the actual construction and sales. But through its affiliate, Irvine Pacific, the company plans to build nearly 250 homes in the newest Village of Irvine, Stonegate East.

Designed for first-time homebuyers, the project, which will debut this fall, is a result of the Irvine Co.'s recent success with its 2010 New Home Collection. Since the late-January grand opening, more than 360 homes built by six different companies in Woodbury and Woodbury East have sold.

 “Having Irvine Pacific build these new homes in Stonegate East is a natural progression for us,” says Daniel Young, president of Irvine Co. Community Development.

Young, who will also serve as president of Irvine Pacific, says now is an "ideal time" to include the affiliate as a homebuilder, due to a rise in home prices and sales; improved consumer confidence and optimism; low interest rates; and new tax credits, among other factors.

Irvine Pacific, which built single-family homes in villages such as Woodbridge, Northwood and Turtle Rock in the 1970s and '80s, plans to offer research-driven properties, using consumer feedback to develop the homes – much like the Irvine Co. did while planning the New Home Collection.

The Village of Stonegate East will offer a mix of townhomes and flats, duplexes and row townhomes throughout three new villages. Pricing will start in the low $300,000s, and the development will be eligible for FHA funding. The project will be within walking distance of Stonegate Elementary and will be located close to Woodbury Town Center.

The grand opening of the development is slated for November.

In addition, the New Home Collection continues to surge, with many of the homebuilders nearly selling out of their available inventory and strong demand continuing on the development's priority registration list.

Brookfield, KB Home, Lennar, Standard Pacific, Taylor Morrison, Van Daele and William Lyon Homes, among others, will continue to build within the Villages of Irvine.

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