The New Home Company (NEW HOME; NYSE: NWHM) today announced that it has acquired two- and one-half acres in the heart of Lafayette and has begun construction on Woodbury, a community of 36 new luxury flats and 20 condominiums. Featuring private open space pockets and walking paths throughout, Woodbury represents a complete redevelopment of an underutilized parcel where an aging apartment complex and restaurant once stood, and which many in town considered a civic blight.
Model-home construction will commence in August, with a grand opening for the community anticipated in the first quarter of 2015.
“Woodbury represents a rare and special opportunity to create a unique, thoughtfully designed community in one of the Bay Area’s most coveted locations,” said Charles McKeag, NEW HOME’s Walnut Creek-based regional vice president. “NEW HOME is proud to add Woodbury to its growing portfolio of compelling new communities here in the Bay Area and throughout Northern California.”
Within walking distance of Lafayette’s downtown shops, restaurants and BART station, the site is equally close to the Lafayette Reservoir, one of the area’s most popular destinations for hiking, cycling and boating. In addition to the residences, NEW HOME will also build a public parkway—with trails, landscaping, benches and art features—on a vacant parcel owned by the East Bay Municipal Utility District.
NEW HOME acquired the property from a group of local real estate investors who had a vision for building a new kind of home in Lafayette. The lead development team, comprised of Branagh Development and John French, are well known local developers and homebuilders with a long standing reputation for designing and building luxury properties of the highest quality. Prior to joining forces with NEW HOME, Branagh and French had spent eight years designing the project and securing land-use entitlements.
“When deciding on a partnership, NEW HOME became the obvious choice. Our companies share the same values for quality and, like us, they make decisions based on ‘what’s right,’” said C.E.O. Matt Branagh of Branagh Development. “Woodbury is a redevelopment that will make our partnership and the local community very proud.”
With views of Mount Diablo, the 56 homes will come in two distinct product lines. This will include 36 flats in six, three-story buildings. These residences will range from approximately 1,450 square feet to close to 2,900 square feet. Each home will have its own private garage.
Woodbury will also feature 20 condominiums in a single three-story building. These residences will offer two floor plans, one at approximately 1,150 square feet and the other at approximately 1,650 square feet. These homes will be single level and designed with “lock and leave” living in mind. Building amenities also include a community gathering space and a workout facility on the third floor.
One of California’s most active homebuilders, NEW HOME recently became a publicly traded company. It launched its initial public offering in early 2014 and is now traded on the New York Stock Exchange under the symbol “NWHM.”
About The New Home Company
NEW HOME is a next generation homebuilder focused on the design, construction and sale of innovative and consumer-driven homes in major metropolitan areas within select growth markets in California, including coastal Southern California, the San Francisco Bay area and metro Sacramento. In 2013 and 2014, NEW HOME was the recipient of “The Eliant” for Best Overall Customer Experience in the Eliant Homebuyers’ Choice Award’s multi-divisional builder segment. For more information about the company or its current new-home offerings, visit www.NWHM.com.
