Brookfield Residential, Standard Pacific Homes to Build Nearly 2,000 Units in Dublin

Brookfield Residential, Standard Pacific, Dublin, East Bay, SunCal, Dublin Crossing, BrookCal, California State Teachers’ Retirement System, Camp Parks

dublin

By Nancy Amdur

Developers Brookfield Residential Properties and Standard Pacific Corp. announced that they have secured acquisition and development rights for a master-planned community at the 189-acre U.S. Army Reserve’s Camp Parks site in Dublin.

[contextly_sidebar id=”1Chattp8RYg1tPibLCE202GSMgMOrjcZ”]The companies plan to break ground this fall on an “innovative, pedestrian-friendly” community in the East Bay city that will include up to 1,995 single- and multifamily homes and up to 200,000 square feet of mixed-use commercial and retail space, according to the companies’ announcement about the deal. The first homes are slated to be delivered in 2017.

More than 10 neighborhood pocket parks and two miles of multiuse trails also will be incorporated into the community. Additionally, two parcels will be gifted to the city—a new elementary school and park will occupy 12 acres and a 30-acre parcel will be used to create a new city park.

“There are few opportunities like this in the Bay Area,” said John Ryan, Bay Area business group president for Brookfield Residential, in a statement. “It’s truly unique.”

The property sits on the southern portion of the Camp Parks Reserve Forces Training Area and is bounded by 5th Street, Scarlett Drive, Dublin Boulevard and Arnold Road. The site was previously held by Irvine-based SunCal, which received entitlement rights for the master-planned community from the city then recently sold it to the partnership.

“The transaction includes the transfer of all entitlements and obligations pertaining to military construction projects at Camp Parks” and the master-planned community, said Joe Aguirre, a SunCal spokesman, in an e-mail.

The newly formed partnership, Dublin Crossing LLC, consists of Irvine-based Standard Pacific Homes and BrookCal LLC. BrookCal is a joint venture between a subsidiary of Calgary-based Brookfield Residential and the California State Teachers’ Retirement System. The partnership secured the property in an exchange agreement with the U.S. Army “whereby the developer builds major military facilities at Camp Parks in exchange for 189 acres of the base’s land as payment,” Aguirre said.

The Camp Parks facility was built during World War II and is now a training center for U.S. Army Reserve personnel. Camp Parks will maintain a facility at that location, said Lori Taylor, the city’s economic development director. The site is adjacent to the historic 32-mile Iron Horse Regional Trail and is a half block from the Dublin/Pleasanton BART station. Also nearby are a Whole Foods Market and the Hacienda business campus with about 11 million square feet of mixed-use space.

“Dublin is a rapidly growing community,” Taylor said, “and this is a significant project.” The city has been working “for years to make this a reality,” she added. The property is in the center of the city along Dublin Boulevard, which is the major east-west thoroughfare, “so it will connect the two halves of the community” while also providing the city with “important amenities,” including the school and park, Taylor said.

Dublin’s school district is one of the fastest growing in the state, and “the challenge for us is serving all the students that are coming as part of this growth,” said Greg Tomlinson, a Dublin resident who has been on the school board for seven years. The city would lease the site to the school district for a nominal amount, Taylor said.

The new community will “enliven the already booming area,” said Tom Burrill, Standard Pacific Homes’ Bay Area division president, in a statement, adding that it will “speak to today’s casual yet elegant lifestyle.”

Standard Pacific Homes has been building in the Bay Area for more than 40 years and has projects in Fremont, Gilroy and Hayward. Brookfield Residential Properties operates in North America, and its Bay Area portfolio includes properties in Dublin, Fremont and Hayward. The company is a division of global alternative asset manager Brookfield Asset Management.

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