“Highpark,” the largest entitled coastal development site in Los Angeles County, has been acquired by Harridge Development Group, Land Advisors Organiation, which represented the seller, iStar Inc., said Monday. Terms were not disclosed.
Planned for 671 units on 61 acres, Highpark represents one of the last true master plan communities approved in the South Bay region of Los Angeles.
Situated on the Palos Verdes Peninsula in the San Pedro area of Los Angeles, Highpark will be an upscale community that reflects the character of the existing neighborhoods and the encompassing environment, according to LAO.
“Highpark’s location in the highly sought-after South Bay will allow for residents to enjoy the ambiance of a coastal lifestyle, from the environmental preserves along the peninsula, to the burgeoning development of San Pedro’s waterfront and historical downtown district,” said Mackey O’Donnell, senior vice president at Land Advisors.
The gated community will feature a mix of single-family homes and townhomes, along with resort-style community amenities. Highpark’s variety of unit styles will be separated into six residential subareas along with community pocket parks, a public park and a hiking trail that encircles the property.
Currently, the South Bay is the most under supplied sub-region in Los Angeles, and due to the scarcity of land, the typical subdivision is developed on small infill sites.
“Being able to deliver product in a masterplan community of this size is extremely rare, and Highpark will benefit tremendously from the supply and demand imbalance currently driving the housing crisis in Southern California,” said Tim Barden, senior vice president at LAO.
Moreover, receiving entitlements on a project of this size is an extreme rarity in Southern California and ultimately creates a huge demand when the project comes online. Founding Principal at Land Advisors, Terry Ruckle, concludes,
“Receiving entitlements on a masterplan community in urban Southern California is extremely tough in today’s environment," added Terry Ruckle, LAO's founding principal. "As such, Highpark represents one of the most high- profile transactions to occur in L.A. County over the last several years.”