Stalled residential neighborhood gets new life with Lennar Homes
■ By Kyle Selby / Reporter
The City of San Jacinto approved a subdivision improvement agreement with Lennar Homes of California to build out 77 existing residential lots at its Aug. 1 City Council meeting.
In September 2013, the subdivision improvement agreement for housing Tract 22665 (Seventh Street and Pine Avenue), listed the conditions that were mutually agreed upon between the City and Strata Arterra, LLC. Due to the severe economic downturn, Strata Arterra was not able to complete the agreed upon improvements.
Lennar Homes of California has proposed to complete the balance of public work improvements to Tract 22665, and as such, is responsible to post new securities and agreements.
To guarantee the faithful performance of the public improvements and all the provisions of their amendment, Lennar Homes will provide San Jacinto with a faithful performance bond of $1,023,837. Another bond in the same dollar amount is being provided to secure the payment to contractors, subcontractors, laborers, material providers, and other individuals.
“San Jacinto is continuing to show a strong economic outlook over the next several years,” stated City Manager Rob Johnson. “Residential and retail developers are focusing in on our message and outreach and [are] assisting to create a renaissance in this 125-year-old startup city.”
Lennar Homes of California has chosen to invest in San Jacinto by acquiring and building 77 new homes to complete a final tract map at Seventh Street and Pine Avenue in San Jacinto. According to Johnson, San Jacinto has seen huge increases in residential permits this year, and has outpaced the average of its previous four years by nearly double. He says the City also expects to be near or over the 300 mark for new housing permits this year. As of mid-July, 118 permits have been issued – a stark contrast to the 65 permit average over the past four years.
Johnson also says that San Jacinto is experiencing a rebirth of its economic development program by creating a relationship and strong partnership with Retail Strategies, a nationwide company known for assisting cities in identifying and recruiting retail, restaurant and entertainment concepts.
At the previous San Jacinto City Council meeting, Council approved a three-year contract agreement with Retail Strategies, LLC, for an Economic Development Retail Recruitment Program. The agreement will cost the City a total of $135,000 (average of $45,000 per year). Johnson believes the partnership will be money well spent, as it is expected to help San Jacinto increase their revenue tenfold.
“The partnership with Retail Strategies is already proving that San Jacinto is an attractive housing market with a growing retail base, and we are so excited to have Lennar Homes developing and offering its brand to those that want to move up and move into the San Jacinto community,” said Johnson.