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Larkspur Leaders Welcome New Homes, Senior Housing, Jobs

The New Home Company announced today it finalized an agreement to purchase the 16.8 acre Niven Nursery property along Doherty Drive from representatives of the Niven family, which owned and operated the property from the 1920's to the present.

The New Home Company is based in Aliso Viejo, California and Roseville, California.

Larkspur civic and community leaders praised the development which is the largest component of a longtime planning effort by city and community leaders to complete the development of Larkspur's downtown.

"This is an important and vital step forward in reinvigorating the heart of our community, cleaning up a dilapidated property and completing the community vision for Larkspur's downtown," said Larkspur Mayor Larry Chu.

"The New Home Company is delighted to be building homes in Larkspur," said Brian Olin, senior vice president for The New Home Company. "The City and community have discussed the best use of this property for years and we are excited about our role in bringing that plan to fruition."

The 85-home development, which features a mix of single family homes, senior housing, a selection of cottage style homes, as well as a 2.43 acre parcel and other land that will be dedicated to the City for its use as a public facility and park was unanimously approved in January 2010 by the Larkspur City Council. A development agreement is in place with the City of Larkspur.

The site is part of the Central Larkspur Specific Plan, the downtown development plan approved in 2006 by the city council after years of debate. The plan calls for residential development of the nursery site, and a mix of residential and commercial development on the nearby Nazari property and adjoining City property at Magnolia Avenue and Ward Street. Also included in the planning document is the Larkspur Plaza shopping area, which would include a facelift and more residential. No immediate plans are in play for the two remaining properties, city officials stated.

Recently, the nursery property has become a magnet for graffiti and criminals who are looking to steal metal and copper for resale.

Olin said demolition of aging greenhouses and removal of nursery facilities and other debris at the Niven nursery will soon commence. The property will also undergo some environmental remediation to remove items such as lead paint used on the buildings and pesticides used during its life as a nursery.

Olin said that the first of the new neighborhood streets and utilities will be completed in early 2013 and sales of the homes in the neighborhood are scheduled to continue through 2014. Olin said The New Home Company will be reaching out to local residents, businesses and surrounding schools to keep them informed about the progress of the development.

Prices have not been set for the homes, he added. There has been strong interest in the market rate, affordable and senior housing and the company has created a sign-up list for people interested in a new home in Larkspur. Information is available at www.thenewhomecompany.com.

Olin said the project will create much needed jobs and payroll at a critical time in the economic downturn. The land sale, of which the price was not disclosed, will generate fees payable to the city and an increased property tax base for the City of Larkspur for vital city services.

Olin said the Larkspur project is a signal that The New Home Company has a positive outlook for California and the Bay Area despite the uneven economy.

About The New Home Company

The New Home Company was founded by four of the most respected leaders in residential development; Larry Webb, Wayne Stelmar, Tom Redwitz and Joe Davis. It holds itself to the highest standards of design, execution and integrity, and it focuses on relationships with team members, trade partners, capital providers, landholders and homeowners. The New Home Company strives to build a better life for those who live in its communities. This distinguishes it in every respect: it has helped to provide better environments, contributed to better schools and supported communities with a deeper sense of social consciousness - all with a level of integrity, of respect, of compassion for the world in which we live. Visit: http://thenewhomecompany.com/

For The New Home Company
Sam Singer, 415-227-9700 (Office) or 415-336-4949 (Cell)
Singer@SingerSF.com