Limoneira Company (Nasdaq: LMNR), a diversified citrus packing, selling and marketing company with related agribusiness activities and real estate development operations, announced today that its 50%/50% real estate development joint venture with The Lewis Group of Companies (“Lewis”) has closed 30 residential units with K. Hovnanian® Homes.
K. Hovnanian® Homes is one of the primary builders for the initial 632 residential units of the company’s Harvest at Limoneira project in Santa Paula, California. The company said it expects to close an additional 33 residential units with K. Hovnanian® Homes, Inc. later this year. The other builders at the site include Lennar and KB Home.
Harold Edwards, president and CEO, stated, "We are very pleased to be partnering with K. Hovnanian® Homes, who will be a primary builder in the first phase of development at Harvest at Limoneira. We now have three of the top national builders partnering with us with this development and all are very excited about this long-term opportunity based on the development’s well-balanced, comprehensively designed community near the Pacific Ocean. The amazing views, parks and miles of hiking trails in addition to retail shops within walking distance is attracting strong interest from families throughout Southern California.”
The first phase of the project broke ground in November 2017. Project plans include approximately 632 residential units in the initial phase and 1,500 residential units for the entire project. Limoneira Lewis Company Builders, LLC, is a 50%/50% real estate development joint venture between Limoneira and Lewis that will engage in the residential development of Harvest at Limoneira.
