SummerHill Homes Acquires Fremont Parcel for $22.35MM

Fremont, Locale @ State Street, City of Fremont, TMG Partners, Sares Regis, SummerHill Homes, Bay Area

Fremont-real-estate-The-Registry

The San Ramon-based homebuilder has reportedly beaten several other bidders for the 7-acre parcel in the Mission Creek area in Fremont, close to the crossing of Palm Avenue and I-680. The land has been approved for 31 single-family homes and fetched just shy of $3.2 million per acre at the purchase price.

[contextly_sidebar id=”mq2oYEvf9LTTI175xAOlrbClJ83IbGGa”]Previously, the sold lot was earmarked for park land, however, the city has now purchased other land that will be developed for this purpose freeing some of the Palm Avenue land for much-needed residential projects. Last year, the city took further steps to make the land more attractive by re-zoning for single-family units in order to make the area more of a residential neighborhood.

Fremont has recently become popular with homebuilders and the most recent sale had attracted 10 (unnamed) bidders, with SummerHill beating out the competition. SummerHIll is already working on a residential development in Fremont, a 24-townhome project called Mission Place, located at Driscoll Road and Arcos Common.

The city of Fremont has been actively pursuing a number of commercial and residential projects in the recent past. Along with it’s efforts to redevelop the Warm Springs neighborhood, the city is also in the midst of a massive redevelopment project of its downtown area where developers TMG Partners and Regis Homes Bay Area prepare to start work on a mixed-use project on Capitol Avenue.

The so-called State Street Mixed-Use development, approved by Fremont’s City Council in November, will add approximately 145 residential units and 22,000 square feet of retail space near the intersection of State Street and Capitol Avenue. It is part of the East Bay city’s Downtown Community Plan that aims to create a more urban, pedestrian-friendly downtown core for the city.

In the Warm Springs area, the most impactful development is the Union Pacific and Lennar Corporation deal to develop a 111-acre parcel of land, centrally located within the heart of the Fremont Innovation District, just north of Tesla’s factory.

Lennar’s master plan, which was approved by the Fremont City Council on April 7, 2015, includes 1.4 million square feet of research and development and Class A office space along the district’s signature street—Innovation Way. In addition, a five-acre urban elementary school adjacent to a joint use four-acre urban park and a mix of 2,214 residential units of which 286 are affordable rental units will also be developed.

West Coast Commercial Real Estate News