New housing developments are scheduled in the Santa Clarita Valley! The latest development is a mixed-use project that will reside in downtown Newhall. This project wants to add 47 new apartment units with an extra 20,164 SF for retail space. The development will be funded by Newport Beach-based Buchanan Street Partners, who closed a $20.8M loan to the new developer.
The project is to be named “Newhall Crossings.” The name is derived from its location at the intersection of Main Street and Lyons Avenue in Old Town Newhall. This development is a portion of a larger project that will entail a theater and a five-story parking lot.
This project has been created with the intent of attracting millennials to living an urban lifestyle in a suburban location. As Newhall Crossings will be close to the Newhall Metrolink Station, there is an opportunity for apartment living in suburbia while working in and commuting to the city of Los Angeles.
The Buchanan Street Partners Vice President has stated that Santa Clarita’s continuing growth was one of the main factors influencing the Buchanan Street Partners in financing Newhall Crossings.
However, Newhall Crossings is not the only new development in town.
FivePoint Communities is pushing ahead with its $13 billion, 21,500 home project in the Newhall Ranch area. When the houses are finished and residents move in, this project will support 60,000 more residents in the Santa Clarita region.
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