San Francisco Business Times
From the article:
After years of grappling with a severe real estate decline, housing developer Lafferty Communities is back to building and now tackling the 440-acre Faria Reserve site in San Ramon — a property that managed to evade development for decades. The project represents not only another shot for the site, but for the developer as well.
San Ramon-based Lafferty Communities bought the property last year along with approval for a master development of about 750 units on rolling hills and green pastures — a plan one housing expert called a “home run” if it materializes.
Housing sales are on fire in the Tri-Valley with prices rebounding, but Lafferty Communities faces the challenge of making sure various regional authorities give its final development plan the OK.
“We saw that we could revise the land plan and reach a compromise with the resource agencies,” said Rick Lafferty, the development firm’s founder and CEO. “Other prospective buyers wanted to do it their way. We have a different philosophy.”
The developer altered previous plans to preserve more of the land’s natural features such as creeks. About 289 acres of the site will be developed and the rest will remain open space for grazing.
Lafferty Communities’ proposal includes 302 apartments with 89 set aside for seniors and about 450 single-family homes ranging from attached townhouse styles to large detached homes. Lafferty projects that prices will start near $500,000 and top $1 million.
The property sits in the northwest quarter of San Ramon less than a mile from Interstate 680 and is the last large greenfield development site in the city.