BRENTWOOD, CA–An environmentally friendly, $20.4 million, 36-unit community on 9.84 vacant acres at O'Hara Lane and Smith Road, will begin construction in September 2015, with a grand opening scheduled for early spring 2016. The one- and two-story homes will contain four to five bedrooms and 3.5 to 4.5 bathrooms with four floor plans and three elevations (Farmhouse, Italian Villa and Italian Country). The project is a collaboration between Presidio Residential Capital, a real estate investment company focused on the residential housing sector, and Lafferty Communities, a builder of luxury custom homes.
Presidio principal Paul Lucatuorto tells GlobeSt.com:
“Brentwood is a family-oriented location and our site contains large lots (7,500 square feet), which will allow for family-sized backyards. Retail and restaurants are all located within a two-mile radius.”
The Amberfield development will feature sustainable features, including prep for solar panels, low-water landscaping and electric car outlets in the garages. The homes will feature designer elements and a Bosch appliance package in the kitchens.
“For residents commuting into the core Bay Area for employment, our location in Brentwood is very accessible to Highway 4 (Vasco Road), which connects directly to Interstate 680 and hence into the greater Bay Area. The eventual extension of Highway 4 and BART services into the subject area will further enhance our site's accessibility,” Lucatuorto explains.
Close to major employers including John Muir and Kaiser Permanente Hospitals as well as open-air mall streets of Brentwood, Amberfield is near four local golf courses and Delta Waterways. There are three existing parks located within one third of a mile from the site, Seedling Park, Wheatfield Park and Blue Goose Park. The development is located within the Brentwood Union Elementary and Liberty Union High School Districts. Marsh Creek Elementary is located directly south of the development and within easy walking distance.
“These are the projects you really want to see come into the city of Brentwood,” said Brentwood planning commission chairman, Lance Crannell.
According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, adding 36 single-family homes will generate a total of $10.3 million in local income, $1.2 million in taxes and other revenue for local governments and 142 local jobs.
“Lafferty Communities has built more than 250 homes in Brentwood and is pleased to be welcomed back with such enthusiasm from the Brentwood Planning Commission,” said Rick Lafferty, president and CEO of Lafferty Communities. “With the support of Presidio Residential Capital, we're excited to develop and build the Amberfield project, while bringing our legacy of craftsmanship, premium quality and appreciation back to Brentwood.”
Presidio provides capital for the entitlement, development and build-out of for-sale residential projects throughout the Western United States. Presidio has infused more than $500 million into the economy to capitalize the housing industry. The firm's goal is to fund an additional $500 million for home-building projects in the Western United States, with current investments in Arizona, California, Colorado, Nevada and Washington totaling more than $2 billion.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
