Limoneira's Joint Venture With Lewis Group Of Companies Announces Approval For Additional 550 Dwelling Units In Harvest At Limoneira Development Project
Total Number of Entitled Lots for the Development Project Grows 37% from 1,500 Dwelling Units to 2,050 Dwelling Units
Limoneira Increases Phase 3 of Harvest at Limoneira by 250 Single-Family Homesites and Adds 300 Rental Homes to the Project
Limoneira Company (the "Company" or "Limoneira") (NASDAQ:LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, announced today that the Santa Paula City Council has approved the proposal brought forward by the Company's real estate development joint venture with The Lewis Group of Companies ("Lewis") to increase the number of entitled lots in the Harvest at Limoneira master planned community ("Harvest") from 1,500 dwelling units to 2,050 dwelling units. The Santa Paula City Council approved an amendment allowing for the 550 unit increase on April 3, 2024. The 550-unit increase will provide 250 additional single family for-sale homesites within Phase 3 of Harvest. Additionally, the Company in partnership with Lewis plans to construct 300 multi-family rental homes on a mixed-use portion of the project. The last lot sales in Phase 1 of Harvest closed back in October of 2023. Phase 1 is comprised of 707 residential units, 586 of which have already been sold to home buyers and the remaining 121 will be constructed by Lennar and Richmond American Homes. Phase 2 of Harvest closed on April 30, 2024, and is comprised of 554 residential homesites.
Harold Edwards, President and Chief Executive Officer of the Limoneira Company, stated, "We appreciate the Santa Paula City Council's continued support of what we are trying to achieve at Harvest and believe their approval to increase the total number of units speaks to the excellent value our development project brings to the city. We honor our tradition of being great stewards, not only to the land we cultivate but also to our community and believe this is the reason we have been one of only two real estate development projects in Ventura County to receive approval via a SOAR vote. We plan to provide an update to our anticipated cash flow projections for Harvest at Limoneira when we release our second quarter financial results in June."
Harvest at Limoneira is a well-balanced, comprehensively designed community providing a range of new housing options near the Pacific Ocean. Boasting scenic views, and close proximity to parks, hiking trails and popular retail destinations, this exceptional community continues to attract strong interest from new home buyers throughout Southern California.