MILPITAS, CA-The Hoffman Company has closed the largest unimproved residential land transaction to date in the South Bay area.
The sale of the 12.51 acre property by Warmington Residential to Toll Brothers clears the way for development of Traverse, a community of 98 townhomes and 108 condos in Milpitas. The project is expected to cost more than $100 million. Construction is scheduled to begin in mid-2014.
For Warmington, which typically builds out land it has entitled, it was a rare sale.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
