ALISO VIEJO, Calif. and DALLAS (May 3, 2013) – The New Home Company of Aliso Viejo, Calif., one of California’s most successful homebuilding companies, and Hillwood West, a division of Dallas-based Hillwood, one of the top real estate developers and investors in the nation, today announced a partnership to build 79 luxury residences in Newport Beach, California. Construction is now underway on the development, named Meridian, the first, new for-sale residential project in the Newport Center® area next to Fashion Island® in more than 20 years.
NEW HOME and Hillwood West acquired the 4.25-acre property from Host Hotels & Resorts L.P., the Bethesda, Maryland-based owner of the Newport Beach Marriott Hotel & Spa, which is adjacent to the site of the soon-to-be-built single-level and two-story residences at Meridian.
Meridian is immediately adjacent to Fashion Island®, Orange County’s premier open-air retail center, and will include five individual buildings comprising homes ranging from 2,335 to 3,905 square feet. Prices are expected to begin in the high $1 millions.
Featuring contemporary Mediterranean architecture with expansive windows, Meridian is designed to take advantage of ocean, golf course, garden and city views. Many of the residences overlook the fairways of the Newport Beach Country Club.
“Meridian offers a rare opportunity for a sophisticated coastal residence in one of Southern California’s most desirable locations,” said Tom Redwitz, partner and president of NEW HOME. “Those who choose to live here will discover the finest in luxury living with the freedom of a turn-key residence, minimal attention to maintenance and complete privacy and security. We are delighted to partner with Hillwood West and we expect to have tremendous success with Meridian.”
Led by its chairman, Ross Perot, Jr., Hillwood has been active in the California market for more than 20 years, and recently opened an office for Hillwood West in Orange County.
“As we further establish our Hillwood West presence in Orange County, the timing of Meridian could not be better,” said L.M. Cummings, president of Hillwood West. “With the business savvy of Hillwood joining the customer-focused design approach of The New Home Company, and with the internationally recognized appeal of Newport Beach, Meridian will undoubtedly succeed on many different levels.”
NEW HOME has plans to open a Meridian Sales Gallery in late 2013. For more information, and to sign up for the Meridian Interest Register, please visit www.MeridianResidences.com.
About The New Home Company
The New Home Company was founded in 2009 by residential development leaders Larry Webb, Wayne Stelmar, Tom Redwitz and Joe Davis. It is focused on developing unique communities in both Southern and Northern California. For more information about the company or its current new-home offerings, visit www.TheNewHomeCompany.com.
Hillwood, a Perot company, is ranked as one of the top real estate developers and investors in the country and the top residential developer in Dallas-Fort Worth. Its residential division, Hillwood Communities, has built 70 communities throughout the United States and Costa Rica, and has developed more than 22,000 lots. Currently, the company oversees 34 active communities in 28 cities and seven states, and has completed 30 real estate projects in California. Hillwood West, a division of Hillwood, invests in real estate opportunities with developers, builders, lenders and landowners in the Western United States, primarily in California and Hawaii. Hillwood’s industrial developments currently house facilities for 58 companies listed on the Fortune 500, Global 500 or Forbes List of Top Private firms. Hillwood is best known for its Alliance brand that includes the 17,000-acre AllianceTexas, 4,474-acre AllianceFlorida at Cecil Commerce Center, and 2,000-acre AllianceCalifornia. For additional information, please visit www.hillwood.com and www.hillwoodcommunities.com.