Harridge Development Group paid $151.6 million to acquire the massive Highpark housing development site in San Pedro, The Real Deal has learned.
The project, formerly known as Ponte Vista, will deliver 676 homes across more than 60 acres of land at 26900 South Western Avenue. It will include single-family detached homes, townhomes, flats, a jogging trail, park space, recreation centers and “resort-style” amenities, according to its website.
Since inception nearly 13 years ago, Highpark has faced several setbacks due to its high density, permitting issues and complicated infrastructure groundwork, The Daily Breeze reported.
The seller, iStar, acquired the project in 2010. It reduced the scale of the site in 2012 and 2013, further reducing the number of homes from the original 1,950 units proposed by the original developer Bob Bisno.
With Harridge on board, construction is expected to begin later this year.
The company is also developing the massive Crossroads of the Hollywood mixed-use project in Hollywood, which will deliver 950 residential units, a 308-key hotel and 190,000 square feet of commercial space. Just last week, the company announced it will be incorporating — not demolishing — the historic Hollywood Reporter building into the site, appeasing preservationists who had been protesting the proposed demolition.