FivePoint recently announced a new environmental proposal for the $12.7 billion master-planned community in northern Los Angeles County, Newhall Ranch, that they believe will allow them to move forward. Bloomberg staffer Prashant Gopal reports on this new proposal which comes a year after the California Supreme Court blocked the project due to greenhouse-gas emissions and the protection of an endangered fish.
FivePoint Chairman and CEO Emile Hadad believed that the new proposal was theoretically the last hurdle before construction could begin. The proposal calls for:
FivePoint said it expects the court’s concerns to be satisfied by a new plan, announced Thursday, that calls for zero-net-energy construction standards, electric-vehicle charging stations at each of 21,500 planned homes, electric school buses and funding for emission reductions in California and around the world.