Trumark Homes has snagged 30 acres approved for nearly 450 homes in East Livermore at a price of $75 million.
The San Ramon-based developer bought the land at 4696 Bennett Drive in Arroyo Vista, the San Francisco Business Times reported, citing an unidentified source close to the deal. The seller was Pell Development, based in San Rafael.
In 2017, Summerville Homes won approval to build 434 townhomes and single-family houses on the site, between Arroyo Vista and Las Positas Road. But the San Ramon-based developer wasn’t able to close a deal with Pell, city officials said.
The Arroyo Vista site has been eyed for residential development since the early 2000s, Livermore Planning Manager Steve Stewart told the Business Times.
No building permits have been issued. The development agreement secured by SummerHill is set to expire at the end of 2027.
Brokers Michael Lloyd and John Steinbuch of Colliers represented Pell.
Tony Bosowski, Northern California division president for Trumark, said in a statement that Livermore was a “highly desirable location in the Tri-Valley.” Arroyo Vista would be the firm’s first project in the region, according to a Business Times review of its portfolio.
Last month, Shea Homes filed plans to build 299 condominiums on a 13-acre parcel at Collier Canyon Road and Portola Avenue, including 89 for sale and 210 for rent, in northwest Livermore.
The site of the project was acquired by Los Angeles-based Harridge Development Group in April for $74 million from an affiliate of Irvine-based SunCal and its equity partner MSD Capital.
Livermore had been negotiating with SunCal for a development agreement for the 45-acre parcel, slated to be the center of an approved plan to develop 1,138 acres with nearly 4,100 apartments and up to 2.1 million square feet of offices, shops and restaurants.
— Dana Bartholomew