P.M. BRIEFING : Japanese Plan Vallejo Project

Misawa Homes Co., Japan’s top wooden house builder, said today it will launch a 10-year development project in the San Francisco Bay area with sales targeted at $733 million.

Misawa said the project calls for development of the Sky Valley district in Vallejo into a large-scale, high-class residential housing and resort area.

In the initial stage, the company said, the development will include 628 housing lots, 142 condominium units and an 18-hole golf course designed by Arnold Palmer, accompanied by a training course, a pool and shopping malls.

An additional 680 housing lots covering 280 acres of land will be developed in the second stage, the company said.

The entire project is scheduled to be completed in the year 2000, the company said.

The company said it has purchased 1,340 acres of land at Sky Valley from Sky Valley Limited Partnership for $133.3 million.