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Transactions - JUNE 5, 2017

Shapell Liberty Investment JV breaks ground on $150m project in Los Angeles

by Andrea Waitrovich

Shapell Liberty Investment Properties has broken ground on The Vineyards at Porter Ranch, a $150 million mixed-use project in Los Angeles’ Porter Ranch neighborhood.

The project is a joint venture between Shapell Properties Inc. and Liberty Building Co.

The 345,000-square-foot development will include a movie theater, Whole Foods Market, Kaiser Permanente medical office building, hotel and 266-unit luxury apartment complex.

Completion of the main shopping center is expected in late 2018.

It has been 18 months since a gas well broke, causing tens of millions of pounds of natural gas to spew into the air in Porter Ranch. It ranks as the worst methane leak in U.S. history. Despite the gas leak, the Porter Ranch housing market continues to thrive, according to local media outlets.

Frank Su, Toll Brothers’ vice president, said in an NBC Los Angeles article, there’s more than enough demand already for 1,400 homes, some already under construction. They’re selling at, or above, market value. In April, Toll Brothers said it had sold four houses this year for more than $2 million in Porter Ranch and several others were set to close soon, all at record-high prices for the area. The firm’s most basic houses sell for just under $1 million.

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