Lennar spends $33M to develop resi portion of controversial Alhambra site

City Council granted approvals for 125 townhomes last year

Los Angeles /
Aug.August 28, 2018 05:00 PM
Care center with Lennar exec Stuart Miller (Credit: Marengo Avenue Water Brigade)

Nearly a year after a controversial project secured approvals, a new developer is stepping onto the scene in Alhambra.

Lennar Corp., a Miami-based mega-developer, has paid $32.5 million to acquire eight acres in Alhambra to develop a new condominium complex at 1428 S. Marengo Avenue, The Real Deal has learned. It’s currently home to a senior care center, but entitled to become 125 townhomes and new medical offices, named Camellia Court.

A source familiar with the deal said that the seller was a partnership between Irvine-based developer St. Clair Partners and TAG-2 Medical Investment Group. The sale closed July 24, property records show. St. Clair, led by chief executive Steven St. Clair, and TAG-2 will retain the other four acres on the site, with plans to develop the medical assets, the source added.

Neither of the parties responded to requests for comment.

The joint venture was originally planning to raze the senior housing community, 268 trees and a 91-year-old chapel to make room for a new condominium development. In its place, they proposed 125 townhomes, a smaller nursing facility and medical office spaces, the Pasadena Star-News previously reported.

Neighborhood residents and local activist groups soon rallied against the project. They argued the loss of the trees would be detrimental to the local ecosystem.

After several protests, the owner and developer agreed to preserve the church as-is, and save 81 trees. The Alhambra City Council then unanimously approved the project in September 2017.

Lennar, a publicly-traded company led by executive chairman Stuart Miller and newly appointed CEO Rick Beckwitt, is one of the largest homebuilders in the country. As of April, the company controlled about 250,000 homesites and 1,300 communities in 49 markets across 21 states.


Related Articles

arrow_forward_ios
Jamison Properties' Jaime Lee with the Pierce National Life Building (LinkedIn, Google maps)
Koreatown office building poised for residential conversion
Koreatown office building poised for residential conversion
The Home Depot's Ted Decker with 16830 Devonshire St
The Home Depot plans to build 136K sf store in Granada Hills
The Home Depot plans to build 136K sf store in Granada Hills
SteelWave's Barry DiRaimondo with 1382 Bell Avenue (LinkedIn, JLL)
SteelWave sells Tustin office building for $91M
SteelWave sells Tustin office building for $91M
Restaurant owner Tony Roman and Basilico’s Pasta E Vino, 21501 Brookhurst Street in Huntington Beach (Basilico’s Pasta E Vino/Facebook, Google Maps, Getty)
Anti-mask restaurateur in OC sues landlord
Anti-mask restaurateur in OC sues landlord
Cottonwood’s Mark Green and Silver Creek's Franck Ruimy with 8850 Sunset Blvd (8850 Sunset Blvd , LinkedIn, Stan Hope Capitol, Getty)
Reimagined Viper Room’s developer scores $60M loan
Reimagined Viper Room’s developer scores $60M loan
Lithia Motors' Mark DeBoer and rendering of new Porsche dealership (City of Los Angeles, Getty, LinikedIn)
Going up: Lithia Motors plans five-story Porsche dealership near DTLA
Going up: Lithia Motors plans five-story Porsche dealership near DTLA
Sprouts Farmers Market ceo Jack Sinclair with 1829 E. Orangethorpe in Fullerton (Sprouts, Google Maps, Getty)
Sprouts bags largest OC lease this year with 337K sf warehouse
Sprouts bags largest OC lease this year with 337K sf warehouse
HSH Management's Henry Shahery with 6221-99 Bristol Plaza Parkway
Fox Hills Plaza trades for $56M
Fox Hills Plaza trades for $56M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...