Newhall Ranch Will Add Homes, But Not An Answer To Housing Crisis
The developer of Valencia's Newhall Ranch wants to break ground in the Santa Clarita Valley by next year on what will be the biggest development in LA County.
The project, which is being developed by Five Point Holdings, would include 21,500 units, including a mix of houses, condos and apartments with 10% of them at below-market rates for low-income families.
The project would be built over 15 to 20 years.
Despite how massive the development is, developers and experts say it still would probably be unable to improve the county's severe housing crisis, KPCC reports.
Newhall Ranch received the approvals it needed last week from LA County Supervisors.
Newhall Ranch will initially consist of 5,500 homes and 2.5M SF of commercial space.
Five Point Holdings CEO Emile Haddad said construction could begin as early as next year, the LA Times reports.