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6/11/14
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In residential development news out of Northern California, Lennar Homes recently acquired 12.7 acres of land in Daly City. The site, which is located at 60 Christopher Ct, was sold by the Jefferson School District and is the former home of Jefferson Christopher Columbus Elementary School.
Lennar Homes plans to use the land for the development of 80 single-family, detached homes along with a 2.5-acre community park. At the time of sale, the property consisted of four obsolete classroom buildings and one commissary building, all of which will be demolished to make room for the residential development, including the view-oriented community park along the site’s perimeter.
Bruce Paris of CBRE arranged the sale on behalf of the Jefferson Elementary School District, working in conjunction with CBRE’s Consulting Services Group.
“There have been a number of former school sites in the area that have sold in recent years, but this was a unique transaction, particularly because of the buyer profile and the future plans for the property,” said Paris. “We had seven qualified offers for this land site, so it was a very competitive opportunity, but ultimately, Lennar’s offer, track record and plan to develop 80 single-family, detached homes on the site was seen as the most advantageous for both the community and the School District. With the majority of residential land on the Peninsula being developed as high-density housing in recent years, it’s very unique to have a new development of single-family, detached homes in the 2.2k sf to 2.5k sf range. This will fill a significant void in the new home marketplace.”
“Sizeable land sites on the Peninsula are in short supply, and the majority of sites that have been or will be available in the future are either former school sites or excess government land,” said Paris. “As a result, there is pent-up demand from developers both nationally and internationally for these opportunities, especially in a market like the San Francisco Peninsula.”
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