A parcel of land that formerly housed an industrial facility in Temple City in the San Gabriel Valley is set to be transformed into a new housing community by Orange County-based The Olson Company. The home builder recently acquired the land with the help of real estate firm Colliers International.
The brokerage worked on behalf of both Olson and selling entity, Ramshorn Corp., during the transaction. Colliers was also responsible for holding the transaction together through the process of getting plans for the housing development approved by local authorities. Senior Vice President Wayne Lambert, Executive Vice President Scott Heaton and Associate Joe Williams comprised the Colliers team in charge of the deal.
According to Colliers, the developer will now look to build 74 new homes in Temple City. Olson Company is set to create a new gated community with a combination of single-family attached and detached homes that will be named “Linden Walk.” The neighborhood will include on-site recreational amenities for future residents, as well as a sound wall meant to minimize the amount of sonic pollution coming from the nearby Union Pacific Railroad line. The project is being referred to as a “walk,” given the developer’s focus on bringing resident amenities that are within walking distance of the new homes it builds. The amenities include mass transit hubs, shopping centers, schools and entertainment options.
Acquiring the former lumber yard site is no one-time deal for The Olson Company as the company’s Chief Executive Officer, Scott Laurie recently revealed. “We really like the San Gabriel Valley market and we continue to look for additional opportunities there,” Laurie said, focusing on the lack of inventory in the area and the existing demand for new housing projects as main reasons for the developer’s current strategy.
Images courtesy of olsonhomes.com