SOURCE: Trumark Group of Companies

Trumark Group of Companies

February 22, 2012 12:12 ET

Trumark Receives Planning Approval for Contour Project in Milpitas

MILPITAS, CA--(Marketwire - Feb 22, 2012) - Trumark Homes announced that it has achieved city council approval from the City of Milpitas for development of its 134-unit residential project known as "Contour". Trumark is finalizing construction drawings and architecture in anticipation of breaking ground later this year.

The existing office site, which sits on the southern end of Milpitas, totals approximately 9.2 acres and is bound by Montague Expressway to the northwest, Trade Zone Boulevard to the south and private property to the east. The site lies within the Milpitas Transit Area Specific Plan - Montague Corridor and was designated for conversion to residential use.

The newly entitled neighborhood will provide a combination of medium density single-family detached and higher-density multifamily townhome for-sale housing within a 10-minute walk of the future Milpitas BART station. The 134-home community will be connected to the Citywide Trail System through an extensive internal pedestrian network linking front doors to common amenities, guest parking, Santa Clara Valley Transit Authority bus lines, the Montague expressway and Trade Zone sidewalks, light-rail and BART (Bay Area Rapid Transit).

"The City of Milpitas has been very efficient to work with throughout this process, just a pleasure," said Chris Davenport, senior vice president of the Trumark Companies.

"Milpitas is a fantastic place to do business and a great place to live," echoed Arden Hearing, senior vice president, Northern California acquisitions for Trumark. "Trumark focuses on building homes in supply-constrained urban markets near major employment centers. Milpitas's proximity to the heart of Silicon Valley is the epitome of this philosophy and Contour presents an amazing opportunity to provide single-family detached and attached living close to jobs and amenities."

A variety of common outdoor rooms such as kitchens, living rooms with fireplaces, kid's playrooms, and reading rooms will be designed to match the development's modern architecture, and dispersed throughout the neighborhood.

The home design and plan options provide a variety of housing types including 2-, 3- and 4-bedroom homes that cater to a variety of households, socioeconomic levels, ages and lifestyles.

Construction of the 134 residences is to be split among 42 3-story detached single-family homes and 92 3-story attached townhomes. Six different townhome floor plans are proposed, ranging in size from 2-bed, 2-bath 1,400 square feet to 4-bed, 3.5-bath, 1,931 square feet. Homeowners interested in a detached single-family home will have five floor plans to choose from, ranging from 4-bed, 3.5 bath, 2,109 square feet to 4-bed, 2.5-bath, 2,370 square feet.

The community will boast significant open-space and proximate access to jobs and services. Beyond Contour, Trumark has more than 1,250 units in its Silicon Valley pipeline. The company is due to break ground in the coming months on 94 homes known as "Centerplace on Capitol" just down the street from Contour in The City of San Jose. "Due to the parallel timing of Centerplace, we may consider partnering with or selling to another builder on at least a portion of the Contour project," Hearing said.

Trumark Homes is purchasing the Contour property from Mission West Properties, a local REIT with a deep history in Silicon Valley. Beyond Contour, Trumark continues to aggressively acquire development sites throughout the Bay Area with a focus on core infill TOD locations around the Bay Area and core Southern California.

Trumark Homes is a new generation homebuilder that is nimble, focused and unburdened by broken projects of the past. Since May of 2009, Trumark has raised more than $95 million of equity and closed nine deals. Its pipeline exceeds 1,800 lots in core urban areas of California, representing more than $900 million in future revenue.

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