There is a new big brother on Orange County and it is said to set up a massive project for the whole community. And this is none other than the Toll Brothers Inc. It snapped a huge chunk of land located on the south of the county. A few months from now, this project will begin, giving a new look for the place.
The Toll Brothers Inc. will be in partnership with the Shea Homes to build more or less, 2,000 homes and apartments located at Lake Forest. For those who are not aware, this Toll Bros. is considered as one of the biggest builders when it comes to luxury homes and the like. The incorporation is previously based on Pennsylvania, and now taking their expertise on Orange County. The huge housing project seems to be an encouraging sign for this long-planned development
The said development on Orange County started with a very slow place, which made the officials unhappy. But with the Toll Brothers Inc. around, the hopes are high up again. The target market of this project is the upper-end buyers, and there is a possibility that these people will be selling their old homes in order to move up the ladder
The entire site measures around 386 acres, and 40 acres of this is an open space. This is said to be the last essential part of the land obtained by Baker and West families around the 1950s. The Baker family sold the land for a competitive deal, running around $100 million. This is according to the other companies who placed bids on the land and lost
As of the moment, the housing market on Orange County is recovering. However, the newly built homes have not shown any strength yet. The sales of these new homes fell to about 4% in May. But this has not discouraged the Toll Bros. Inc., and the company is quite hopeful since economists and analysts believe that the market is rapidly evolving to their benefit. According to Seth Ring, VP of Toll Brothers, the timing of the whole project is very ideal. The first few homes are said to stand in two years, during the fall
The partnership between the Toll Bros. and the Shea Homes are going to bring about 1,780 single-family homes to Orange County. Aside from that, there will also be as much as 414 rental units. These may include varying building or housing types, attracting a wide array of both buyers and renters. There will also be an 8.4-acre of central park, some smaller parks for every neighborhood, walkways, bicycle paths, and clubs
John Burns, a housing economist, pointed out that the purchase made by the Toll Bros. is the biggest land buys ever since the housing market crumbled in Orange County, about five years ago. Hopefully, this project will be a huge success, not only for the Toll Bros. and Shea Homes, but as well as for the entire county. Everyone has high expectations for this new development.