Oct. 7, 2013
(NYSE: LEN and LEN.B), one of the nation's largest homebuilders, announced today that the grand opening of the first of the Great Park Neighborhoods was a tremendous success. More than 28,000 people attended the
and 29th grand opening weekend of Pavilion Park in
, a meticulously planned community of 726 homes by eight builders. Pavilion Park is the first of the Great Park Neighborhoods, a master-planned community envisioned to include 9,500 residential units and 4 million square feet of commercial space.
The Great Park Neighborhoods, formerly the site of the
Marine Corps Air Station, are managed by FivePoint Communities Management, Inc., a company in which Lennar is the majority partner. FivePoint is one of
largest land developers with more than 50,000 homes and millions of square feet of commercial development planned in some of the most desirable locations in Southern and
The grand opening of Pavilion Park follows the June commencement of construction at another FivePoint community, Hunters Point Shipyard/Candlestick Point in
Edwin M. Lee
called the Lennar project "one of the most important development projects in our city's history." This nearly
, 750-acre development project will transform another former military base into a thriving community of 12,000 new residential units in
Southeast corner. In addition to the Great Park Neighborhoods and Hunters Point Shipyard/Candlestick Point, FivePoint oversees the development of
and the adjacent
Los Angeles County
in San Francisco Bay.
, Lennar's Chief Executive Officer, said, "FivePoint Communities continues to mature as a long-term strategy for Lennar as it moves quickly to leverage the recovering housing market. Under CEO
, FivePoint is managing the entitlement and development of some of the best-located
real estate assets to fill the growing demand for entitled homesites in premium markets like
. This is one of our maturing ancillary businesses, and we believe that FivePoint Communities will continue to create excellent long-term value for our shareholders."
Lennar Corporation, founded in 1954, is one of the nation's largest builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Lennar's Rialto Investments segment is a leading investment and asset management company focused on creating value by investing in and managing real estate properties, loans and securities. Previous press releases and further information about the Company may be obtained at the "Investor Relations" section of the Company's website,
About FivePoint Communities
FivePoint Communities Management, Inc. is an independent real estate development and management company. FivePoint Communities currently oversees some of the largest mixed-use master-planned communities in
. They include:
, developed in northern
Los Angeles County
and Farming Company;
Los Angeles County
; Great Park Neighborhoods (formerly the Marine Corps Air Station El Toro) in the
City of Irvine
; Hunters Point Shipyard/Candlestick Point in
in the San Francisco Bay.
Note Regarding Forward-Looking Statements:
Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations regarding Great Park Neighborhoods and Hunters Point Shipyard/Candlestick Point, and the long-term value for our shareholders of FivePoint Communities. These forward-looking statements are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
SOURCE Lennar Corporation