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02/05/2016

iStar Unveils New Name and Brand for Master Planned Community Under Development in Los Angeles County

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.

Source: iStar

NewGround PR & Marketing
Julie Fornaro, 562.587.3957
jfornaro@newgroundco.com

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