UPDATED SEPT. 13 at 10:00 a.m.:
Landsea Homes is in contract to buy an approved project to build 550 market-rate homes in Dublin for an undisclosed price.
The Dallas-based developer plans to buy the approved site for hundreds of single-family homes and condominiums on nearly 54 acres along Tassajara Road, the San Francisco Business Times reported. The seller was SCS Development, based in Santa Clara.
Late last year, SCS secured approvals for 650 homes and 265,000 square feet of offices, shops and restaurants on 77 acres in East Dublin. The so-called Dublin Centre, in the works since 2017, had once called for a 140-room hotel, and now may include a Topgolf range.
The East Dublin project includes suburban housing, an affordable apartment building and a commercial district anchored by a public park. The homes will be built in three sections between I-580 and Gleason Drive, bordered by Tassajara Road and Brannigan Street.
Landsea inked a deal to buy the nearly 54 acres approved for the market-rate homes, along with a 40,000-square-foot stretch for proposed Main Street-style storefronts on a future road known as Finnian Way, according to spokesman Kevin Fryer.
The sale is expected to close at the end of this year or early next year pending approvals from the Tri-Valley city, Fryer told the Business Times. He declined to give further details.
Landsea’s development team includes San Ramon-based Mission Valley Properties and Dahlin Group, a Pleasanton-based architecture firm, according to the project’s website.
The developer, which didn’t buy the 100 affordable units tied in the project, is pondering its options for the commercial component.
For now, SCS will retain the 225,000 square feet of planned commercial development. Fryer, declining to give specifics, said it is “working on deals to sell a portion of it to a user,” while looking at options for the rest.
Dublin officials see Dublin Centre as a way to help create a traditional Downtown within the East Bay city, whose core contains large commercial buildings surrounded by parking lots. Dublin’s Downtown Specific Plan calls for the addition of 2,500 homes and 2.2 million square feet of shops and restaurants.
In May, Hines and American Realty Advisors teamed up to help revitalize a 26-acre piece of land into a Main Street-style section of Downtown.
Correction: Previous article did not specify that the sale is in contract.
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— Dana Bartholomew