FivePoint breaks ground for residential development in California
31 January 2012FivePoint Communities Management Incorporated, a US-based real estate development company, has broken ground for phase I of the Great Park Neighborhoods development in Irvine, California, US.
The Great Park Neighborhoods is a master-planned community which will be developed by means of a public-private partnership between FivePoint and City of Irvine. The community will be built on the site of the former El Toro Marine Corps Air Station in Irvine. Phase I of the project will see the development of approximately 5000 homes and 1.2 million square feet of commercial space. Additional plans in this phase include development of a pedestrian and transit-friendly community surrounding the Orange County Great Park. The Orange County Great Park will be developed by City of Irvine as per the terms of the public-private partnership contract. The great park will consist of 23 miles of walking and biking trails connecting the neighborhoods to a train station, schools, retail shops and nearby Cleveland National Forest.
