CLAREMONT, CA –
Intracorp
Homes, one of North America’s most trusted real estate
developers, 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.
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| Jeff Enes |
“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.
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Rendering of planned new home community in Claremont, CA |
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.
 |
Planned 96-home community in Claremont, CA will include
a mix of single family detached homes, duplexes, and townhomes. |
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.”
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.
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| Amplifi Apartments, Downtown Fullerton, CA |
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.”
CONTACT:
Miki Akil
Kitchen
Table Marketing + PR
832.260.4414
miki@kitchentablepr.com
www.kitchentablepr.com
www.intracorphomes.com.
www.ihpinc.com.
