Exciting Development Approved for New Housing Project
Shopoff Realty Investments Secures Approval for New Project
Shopoff Realty Investments, a leading name in real estate management focused on opportunistic and value-add investments, is pleased to announce that it has received unanimous approval from the Planning Commission for its latest endeavor, the Euclid + Heil project. This significant residential initiative promises to play a vital role in addressing the ongoing housing needs.
Details of the Euclid + Heil Project
The Euclid + Heil project will span across 18 acres, providing a comprehensive mix of housing options to cater to the community's diverse needs. Renowned for its strategic location near notable landscapes, including Mile Square Park, this project ensures easy access to key transportation routes such as Interstate 405. The planned development comprises 304 market-rate apartments, 83 senior affordable units, 36 for-sale triplexes, and 183 townhomes. By incorporating a variety of living spaces, Shopoff Realty Investments aims to foster a balanced and vibrant community.
Community Collaboration
President and CEO William A. Shopoff expressed enthusiasm regarding the unanimous approval, emphasizing the significance of community collaboration. He remarked, "As California grapples with its housing shortage, the Euclid + Heil project stands to benefit the community by providing a diverse range of housing options for both renting and purchasing in a market that traditionally struggles with supply constraints." His vision underscores a commitment to meeting the evolving needs of established communities.
Innovative Design and Amenities
The project, in partnership with experienced developers such as Lennar and National CORE, will include a variety of community amenities. Plans feature recreational spaces including pools, parks, game areas, and grilling stations to promote an engaging atmosphere perfect for residents and families alike. Alexa Washburn, Chief Development Officer at National CORE, highlighted the importance of quality housing, stating, "The innovative blend of housing types in the Euclid + Heil project is essential for creating balanced communities with options for everyone. We are excited to collaborate with Shopoff Realty Investments and Lennar as we work to build this vibrant new community."
Next Steps in Development
Following the acquisition of the land in 2021, Shopoff Realty Investments has been diligently working with city officials and residents on the development plans. With all necessary approvals secured, the firm is set to move into the construction phase. Grading of the site is anticipated to begin in late 2025. The market-rate apartments and senior affordable housing are projected to be completed by the summer of 2028, while the for-sale homes will be introduced in phases, marking the first phase's opening in summer 2028 and extending into spring 2029.
About Shopoff Realty Investments
Based in Irvine, California, Shopoff Realty Investments has a rich history spanning 33 years in the realm of opportunistic real estate investing. The firm focuses on creating value through the repositioning of commercial properties and developing land assets. With a track record that includes a range of successes, Shopoff Realty Investments aims to continue its legacy by providing innovative housing solutions across the landscape of the United States.
Contact Information
For further inquiries, reach out to Jill Swartz at Spotlight Marketing Communications, or call 949.427.1389 for more information about Shopoff Realty Investments and its ongoing projects.
Frequently Asked Questions
What is the Euclid + Heil project about?
The Euclid + Heil project is an 18-acre residential development aimed at providing diverse housing options, including market-rate apartments and affordable units.
Who is involved in the development?
Shopoff Realty Investments is the leading developer, collaborating with Lennar and National CORE to bring this project to fruition.
When is the project expected to be completed?
The market-rate apartments and senior affordable housing are expected to be done by the summer of 2028, with for-sale homes being delivered in phases.
What amenities will be available in the community?
The development plans include pools, parks, grilling stations, and game areas, fostering a vibrant living environment for residents.
How long has Shopoff Realty Investments been in business?
Shopoff Realty Investments has been a recognized player in the real estate sector for over 33 years, specializing in value-add and opportunistic investments.
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