Approved project plans will deliver 700 new homes on coveted infill
development site on the cusp of the San Pedro and Palos Verdes
communities
SAN PEDRO, Calif.--(BUSINESS WIRE)--Feb. 5, 2016--
iStar
(NYSE:STAR), a leading U.S. real estate developer and investor, today
announced the new name and brand for its major master-plan development
in Los Angeles County. Highpark, the new moniker for the new home
development site in San Pedro, California, will replace the name Ponte
Vista. Currently under development, plans for the Highpark community
were unanimously approved by the Los Angeles City Council in March 2014
and the vision for the site will move forward as planned.
“Highpark is a natural brand fit for this exciting new community, which
aims to deliver multiple new home options for a range of buyers in the
South Bay region of Los Angeles,” said Steve Magee, executive vice
president of land for iStar. “Now that the site plans have been fully
approved with the support of community members and stakeholders, we are
ready to align the vision for this new community with a name and brand
that reflects the rarity of the site and the quality of the homes to be
built on it.”
A housing revitalization project, which broke ground in May 2014,
Highpark is transforming a coveted 61.5-acre infill site on the cusp of
the San Pedro and Rancho Palos Verdes communities into a thriving
suburban new home community. Just under 700 new residences will be built
in phases over the next few years in an effort to meet high regional
demand for quality new homes. iStar expects the new homes to appeal to a
wide range of buyers from single professionals and couples, to families
and empty nesters.
The new homes of Highpark will include numerous styles and floor plans
to meet the needs of the diverse buyer pool. Set in a traditional
suburban community footprint, the homes will include single-family
detached abodes, townhomes and condominium flats. Sustainability informs
much of the design and development of the homes. The community will also
offer residents an active lifestyle from the jogging trail, recreation
centers and resort style amenities to the 20-plus acres of parks and
open space.
Situated in the well located and highly sought after South Bay region of
Los Angeles County, Highpark is a rare development site due to its
magnitude and coastal proximity. The site enjoys access to both the
culturally rich, harbor-adjacent history and arts focus of San Pedro, as
well as the country and equestrian inspired hillside landscape of
neighboring, upscale Palos Verdes. The Pacific Ocean and amenity-rich
downtown Long Beach are both just minutes away.
Learn more about what makes Highpark a special place to call home at www.LiveAtHighpark.com.
About iStar
iStar (NYSE: STAR) finances, invests in and develops real estate and
real estate related projects as part of its fully-integrated investment
platform. Building on over two decades of experience and more than $35
billion of transactions, iStar brings uncommon capabilities and new ways
of thinking to commercial real estate and adapts its investment strategy
to changing market conditions. The Company is structured as a real
estate investment trust ("REIT"), with a diversified portfolio focused
on larger assets located in major metropolitan markets. Additional
information on iStar is available on the Company's website at www.istar.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160205005579/en/
Source: iStar
NewGround PR & Marketing
Julie Fornaro, 562.587.3957
jfornaro@newgroundco.com
