SOURCE: Brandywine Homes

Brandywine Homes

October 20, 2010 14:13 ET

Brandywine Homes Purchases 2.67-Acre Urban Infill Site for 53 Townhomes in Garden Grove, California

The Irvine-Based Homebuilder Continues to Expand With Its Third Purchase This Year

IRVINE, CA--(Marketwire - October 20, 2010) -  Brandywine Homes, one of Southern California's most successful infill developers, has acquired the Century Village project in Garden Grove, Calif., a 53-unit residential community on 2.67 acres of land that the city has been trying to redevelop for several years.

Century Village is the third acquisition in Garden Grove this year by Brandywine Homes, which recently climbed to number 12 among the top 30 homebuilders in Orange County, according to the 2010 rankings by the Orange County Business Journal. It is one of only three private builders among the top 12 on this year's list.

The Century Village site is located in the heart of Garden Grove's civic center, adjacent to historic Main Street, and will help to re-invigorate Garden Grove's housing market, city officials say. Brandywine Homes will start construction within two months and new homes are expected to be open for sale by June 2011.

"This is a perfect project for Brandywine because we specialize in building new neighborhoods in fully developed environments," said Brandywine President Brett Whitehead. "Most builders cannot take on these kinds of projects because they are too small, too complex and involve intensive and creative design. For 16 years we've been a consistent provider of compatible urban infill communities in Southern California."

The new townhome community will occupy almost half of the 6.4-acre Century Triangle, which was originally envisioned as a five-story mixed-use community with retail and residential units. Several developers have backed out of the project due to uncertainties in the real estate market and in April the city entered into an agreement with Century Village Group LLC, the financial entity of which Brandywine Homes is the managing member, to modify the zoning from commercial to medium density housing.

"This is a significant milestone for the City of Garden Grove. We have very little, if any, raw land for new homes and communities like Century Village will help us lure back people who have left for lack of affordable new housing," said Jim DellaLonga, project manager for the city's economic development department. "In addition, the proceeds of this sale will allow us to move forward to acquire other significant parcels, especially along Harbor Boulevard's International West resort area."

The new community, located on the west side of Taft Street between Century Boulevard and Garden Grove Boulevard, is designed to appeal to both first-time and move-up homebuyers. There will be four distinct floor plans to choose from with sizes ranging from 1,705 square feet to 2,247 square feet. The homes are projected to sell in the mid-$400,000 range.

More than 20 percent of the units will feature a three-car garage -- a generous amenity in any townhome community -- and all units will have front porches and balconies. There will be a community park just beyond the entrance with an aesthetic water feature, sitting areas and green space for the residents' use.

The Century Village ground-breaking ceremony -- to which the Garden Grove City Council, planning commission and staff are invited -- will be held on Thursday, Oct. 21 at 4:30 p.m.

About Brandywine Homes

Brandywine Homes is a residential homebuilder based in Irvine, Calif., that specializes in challenging infill development. Founded in 1994, the family-owned and operated company has built or developed almost 600 homes in 21 small- and mid-sized infill communities, revitalizing some of Southern California's oldest and most established neighborhoods. Brandywine builds homes that respect and complement the heritage, values and architectural integrity of existing neighborhoods and the people who live there -- making a positive contribution to the community.

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