Catellus Residential Group in Irvine has bought 10 acres in Newport Coast from the Irvine Co., and plans to build estate homes there.
Catellus Residential was formed last year by the merger of Catellus Development Corp., the publicly traded development firm in San Francisco, and the Akins Cos. in Irvine. The land is the first land acquisition in Newport Coast by Catellus. “This land purchase is a milestone for Catellus,” said Nelson C. Rising, president and chief executive officer of Catellus. “It represents a major step for our company . . . into the residential arena in Southern California.”
Called “The Signature Collection,” the development will feature custom homes with individual architectural character and ocean views. The homes will range in size from 4,000 to 5,000 square feet. “This acquisition of land on Newport Coast is part of our residential strategy to build a wide range of detached and attached housing in a variety of markets throughout California,” said Bruce Akins, president of the Catellus Group.
Newport Coast is a 9,400-acre coastal community between Newport Beach and Laguna Beach. The purchase price was not disclosed.
Debora Vrana covers real estate for The Times. She can be reached at (714) 966-5979 and at firstname.lastname@example.org