San Francisco Business Times
Fron the article:
KB Home will begin building the first of some 500 new houses in Fremont after snapping up Patterson Ranch, Silicon Valley's largest blank-slate development site for single-family homes — a huge prize in residential real estate.
KB in recent weeks paid north of $130 million for the fully entitled project, according to industry sources. The milestone comes after more than 20 years of development proposals and debate over the site, one of the last family-owned, historic ranch sites in Silicon Valley.
"The real unique aspect of this project is not only its location, but its size for an entitled piece of property," Chris Apostolopoulos, president of KB Home Northern California, said in an interview. "It's few and far between that you see 500 single-family-detached lots entitled coming to market."