Lennar Corp. has acquired an aging retail center in Arcadia with the intention of redeveloping the site into a mixed-use townhome community.
The $36.6-million sale was announced by The Hoffman Company, which arranged the transaction between Lennar and The Olson Company, which entitled the site at Santa Anita and Live Oak Avenues for development.
With the purchase complete, Lennar intends to move forward with plans for 80 residential units on the property - including detached homes, live/work lofts, and two- and three-story townhomes. Prices will range from the high $800,000s and $900,000s for attached units, and the low $1 millions for the detached houses.
The project will be a gated community, with a main entrance located at the northwest corner of Las Tunas Drive and Live Oak Avenue just off of Santa Anita. Plans call for a retail component to serve future residents and the surrounding neighborhood.
Delivery is anticipated in the early 2020s, according to a statement by Hoffman Company senior vice president Justin Esayian.
The Olson Company has developed for-sale housing across Southern California, and is currently pursuing a townhome project adjacent to Metro's Expo/Crenshaw Station.
Lennar Corp. is among the nation's largest residential developers, and has numerous ongoing developments across Los Angeles and Orange Counties.
- Arcadia (Urbanize LA)