Read the full article here.
Intracorp Homes, one of North America’s most trusted real estate developers, today announced the closing of a five-acre land parcel in Claremont, Calif. The site is to be Intracorp’s newest housing development, a 96-home community that will include a mix of single family detached homes, duplexes, and townhomes. The project marks the end of the multi-phase development of the Old School House (OSH) Specific Plan, which has been underway for more than a decade.
“There is tremendous demand for new, upscale living communities in this area, and this idealistic location is at the center of a vibrant mixed-use neighborhood,” says Brad Perozzi, president of Intracorp Southern California. “The development of these new homes will not only provide residents with new housing options but will present a unique opportunity to purchase a new residence in one of the most desirable communities in Southern California.”
The “Specific Plan for OSH/Claremont Inn Revitalization” was first proposed to city officials in 2006 with intent to convert a vacant hotel building into residential condominiums and build a 240-space, three-level parking structure north of the building. However, after several delays that resulted from the 2008 financial crisis, as well as major design revisions, adjustments to the current site, and numerous underground infrastructure improvements, the plan continuously evolved until the final proposal was approved in January 2020.
Located at the northwest corner of Indian Hill and Foothill Boulevards, the OSH development now encompasses a Doubletree Hotel, Trader Joe’s, and mixed-use retail and office space. These additions were completed in earlier phases of the project by the property’s original owner who bought the OSH and Griswold’s complex in 2005.
The site of the new 96-home community is located along Colby Circle. It will offer a variety of home designs ranging in size from 1,400 to 2,173 square feet. Onsite amenities will include a bar-b-que area, interior paseos and landscaped courtyards with ample outdoor seating and private outdoor spaces. The community is near several parks, fitness amenities, and top-rated schools based on a variety of measures, including academic performance and equity. It is within walking distance to Claremont’s vibrant shops, restaurants, and entertainment.
Intracorp purchased the new community site through a joint venture (JV) partnership with Newport Beach-based IHP Capital Partners, one of the nation’s most prominent providers of equity financing for residential real estate development. Construction is planned to commence in Q1 2021 with initial sales anticipated in Q4 2021. As the final phase of the OSH Specific Plan, the new community completes the original vision of Claremont’s Old School House site revitalization.
“Claremont is a beautiful city with great energy. The seven higher education institutions that call it home attract a diverse and dynamic population of students, faculty and staff, in addition to many successful businesses,” said Jeff Enes, senior vice president at IHP Capital Partners. “We are excited to partner with Intracorp for the third time to bring a well-designed community to this city – a historic area of Los Angeles County with a strong employment base and an increased stock of aging homes.”
For more than 40 years, Intracorp has built extraordinary homes in prime locations across the nation, developing hundreds of communities that position cities for growth. According to Perozzi, these new homes will have a positive impact on the entire Claremont community. “The families and individuals who will reside here will drive traffic to local businesses and restaurants, and to the nearby Claremont College campuses.”
The project joins Intracorp’s list of several other multifamily communities in the SoCal region developed in recent years, such as the new infill community of townhomes in Newport Beach, The Isle at Mariner Shores, the contemporary, gated townhome development offered at MDL in Uptown Irvine, and the modern day, luxury apartment community, Amplifi, located in the heart of Downtown Fullerton that offers an innovative living community rooted in iconic culture and creativity.
Perozzi adds that the company “has a proven track record of developing projects in strong, desirable submarkets, which demonstrates Intracorp’s strength in identifying & meeting the needs of our residents and of the cities in which we build.”