HomeFed Corporation, together with its subsidiaries, operates as a developer and owner of residential and mixed-use real estate projects in California, Virginia, South Carolina, Florida, Maine and New York. Strategy The company’s strategy is to optimize its asset in the Otay Ranch area by focusing on expediting development and maximizing revenue over the coming years; and focus on lot sales with maximization of revenue at the San Elijo Hills, Ashville Park, and Market Common projects and initiating sales at the SweetBay project. Segments The company operates through Real Estate and Farming segments. Real Estate segment This segment’s operations consist of residential and commercial land development projects and other unimproved land, all in various stages of development, and retail and office operating properties. This segment also includes the equity method investments in BRP Holding and BRP Hotel, all of which were acquired during 2014. Otay Land: In 1998, the company acquired approximately 4,850 non-adjoining acres of land located within the larger 22,900 acre Otay Ranch master-planned community south of San Diego, California (title is owned in fee simple). In March 2015, the company completed the acquisition of approximately 64 acres of land in the Otay Ranch area of San Diego County, California. The land is entitled for 26 acres of industrial development and 62 single family homes. In July 2015, it completed the acquisition of approximately 1,600 acres in the Otay Ranch area of San Diego County, California. In June 2015, the company made an option deposit for the Otay land that was applied to the purchase price on July 2, 2015. The land that was purchased is contiguous with the land it already owned and is entitled for approximately 2,640 single family lots, approximately 4,300 multi-family residential units and 40,000 square feet of commercial space. The purchased land includes approximately 30 acres of land designated for industrial and office space development and 700 acres of land designated for open space and preserve. Its combined Otay Land project is approved for approximately 13,050 residential units and 1.85 million square feet of commercial space. San Elijo Hills: The San Elijo Hills project, a master-planned community located in the City of San Marcos in San Diego County, California, consisting of approximately 3,500 homes and apartments, as well as a commercial and residential Towncenter. As of December 31, 2015, the San Elijo Hills project has sold 2,281 of the 2,382 single family lots and 1,071 of the 1,081 multi-family units. In addition, the project has 37,800 square feet of commercial space in the Towncenter. The Towncenter includes multi-family residential units and commercial space, which are being constructed in phases. The company has completed construction of the first phase of the Towncenter, which included 12 residential condominium units, all of which have been sold, and 11,000 square feet of commercial space, all of which has been leased. Ashville Park: Ashville Park is a 450 acre master planned community located in Virginia Beach, Virginia, with 451 entitled single family lots. As of December 31, 2015, all lots in Village A and Village B were sold. During August 2015, it agreed to purchase 67 acres of land located adjacent to its Ashville Park project with the intention to entitle an additional 67 single family lots into the project. The company is processing plans and permits to begin development work in Village C, which is planned for 71 single family homes starting at 13,500 square feet, and 45 single family homes starting at 18,000 square feet. Market Common: The Market Common, located in Myrtle Beach, South Carolina, is a mixed-used retail, office and residential lifestyle center, including adjacent land for future commercial and residential development. The 114 acre mixed-use development is part of a larger 3,900 acre redevelopment of the Myrtle Beach Air Force Base. The Market Common includes a 346,580 square foot retail center, approximately 40,000 square feet of office space and 195 long term apartment units. The balance of the residential land was ent
homefed corp (HOFD:OTC US)
1903 Wright Place
Carlsbad, CA 92008
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