A Lennar Veteran Dares to Build Again
This article is for subscribers only.
Emile Haddad sold 12,000 acres in California at the housing market's peak four years ago for a $277 million profit. He and a group of investors bought back the land at half the price in 2009. Now, says the developer, it's time to build.
Haddad, chief executive officer of FivePoint Communities in Aliso Viejo, Calif., is developing four new master-planned communities: two in the Los Angeles area and two in the Bay Area, totaling 45,000 residences and 19 million square feet of commercial space. Construction of the first homes is scheduled to begin in the second half of this year.