SAN JOSE, CA and SANTA CLARA, CA--(Marketwire - Apr 11, 2011) - Trumark Homes, in a joint venture partnership with Resmark Equity Partners, is planning to build two new residential communities in San Jose and Santa Clara, Calif. Once completed, the anticipated revenue from both developments will total approximately $148 million.
The first project is a redevelopment of a portion of an industrial campus owned by Ethernet network company Extreme Networks, Inc. that currently consists of four office/R&D buildings at 3515-3585 Monroe Street in Santa Clara. Trumark and Resmark plan on converting the eight-acre property into a 183-unit residential community after tearing down 141,000 square feet of vacant office space on the Eastern parcel. The community will consist of approximately 112 townhomes and 42 single-family detached homes. The seller, Extreme Networks, still occupies 130,000 square feet of office space on the Western eight-acre parcel and is working with Trumark to develop plans for the entire site.
"We're pleased the City of Santa Clara recently voted unanimously to change the General Plan of the site from industrial to mixed-use and continues to support our redevelopment plan," said Jason Kliewer, partner and general counsel of Trumark Homes. "Trumark has a multi-disciplined expertise in both residential and commercial uses, which makes us a good fit for developing this type of community."
Located on the prime corner of Lawrence Expressway and Monroe Street, the new home community will be close to an established residential neighborhood and within walking distance to Caltrain's Lawrence Expressway commuter rail line station and numerous retail shops and office buildings.
Trumark and Resmark plan on completing the entitlement process for the Santa Clara development by summer of 2012 and starting construction by summer of 2013. Project completion is tentatively set for 2016.
The second community being developed by the Trumark/Resmark joint venture is another transit-oriented development in the Berryessa area of San Jose. The 4.3-acre residential lot currently consists of one home and a storage area for industrial size lighting located near a light rail station. Trumark and Resmark plan to build approximately 94 three-story townhomes in a community to be named North Capitol Villas. The City of San Jose has reviewed Trumark's preliminary plan and is supportive of the project.
The entitlement process for North Capitol Villas is scheduled to be completed by summer 2011 and the start of construction is set to begin in spring 2012. The goal is to complete this new home community by 2014.
Resmark Equity Partners, a full service residential investment advisor headquartered in Los Angeles, will be providing a total of $25 million in equity for both projects.
"Resmark continues to seek prime infill residential opportunities and we are pleased to work with Trumark to bring these communities to fruition," said Connie Emmitt-Stern, senior vice president of Investments for Resmark.
Both new communities will reflect Trumark's commitment to sustainable development. Extreme Networks is a classically located mixed-use Transit Oriented Development (TOD) with office, retail and high-density housing all within an easy walk to a Caltrain commuter rail station. North Capitol Villas involves the conversion of an underutilized property into much-needed new housing that is within walking distance to VTA's light-rail system, as well as the nearby elementary school.
"Trumark has a longstanding business plan of creating infill mixed-use communities where transportation dependency is taken off the car and placed on other sustainable modes of transportation. These projects fit well with our priority of developing green with a focus on infill TOD sites," Kliewer said. "We believe the market rewards it and that it is the right place for new development."
Trumark and Resmark intend to include various green building features in both projects, such as low VOC paint, efficient water fixtures, ENERGY STAR® appliances, drought-tolerant landscaping and other sustainable features.
Trumark has developed two similar projects within a 1.5-mile radius in the past five years and recently obtained approvals on five projects in Silicon Valley, including an 89 single-family detached home community on 16 acres in San Jose. Another 300-unit mixed-use development in Sunnyvale, California, is under planning review.
About The Trumark Group of Companies
The Trumark Group of Companies is a diversified real estate developer and builder with expertise in land acquisition, homebuilding, community design, entitlements and office, R&D and retail development.
Trumark Companies is the residential development arm of the organization and has completed over $600 million in transactions since 2000, representing approximately 2,500 lots in Northern and Southern California.
Trumark Commercial, which builds, leases and sells commercial buildings, has entitled or developed approximately two million square feet of office, R&D, retail and hotel properties in the northern portion of the Golden State.
Trumark Homes is a new generation homebuilder that is nimble, focused and unburdened by broken projects of the past. Since May of 2009, Trumark has raised more than $95 million of equity and closed nine deals. Its pipeline exceeds 1,800 lots in core urban areas of California, representing more than $900 million in future revenue.
Additional information is available at
www.antonpr.com