Deal that tops $100 million clears way for huge East Bay housing project

DUBLIN — A deal that tops $100 million has cleared the way for Landsea Homes to launch a huge East Bay development with hundreds of residences, according to the builder and public real estate records.

The housing would be built in Dublin on that city’s eastern edges as a result of a transaction involving 54 acres.

An entity affiliated with Landsea Homes paid $124.1 million for the property, according to documents filed on May 22 with the Alameda County Recorder’s Office.

The Landsea-affiliated entity also obtained seller financing through a $53.7 million loan provided by Santa Clara Valley Housing Group, which was one of sellers in the deal, the county records show.

Landsea Homes also obtained an option to purchase the just-sold 54 acres from its affiliated entity. It wasn’t immediately clear why Landsea, the sellers and the affiliate proceeded with the property purchase in this fashion.

“This is a huge milestone for Landsea Homes as it marks our largest master-planned community in the Bay Area, supporting our growth for this important region,” said Tom Baine, California division president for Landsea Homes.

The development site is approximately bounded by Tassajara Road, Gleason Drive, Brannigan Street and Dublin Boulevard, property records show. The purchase also included an adjacent strip of land along Gleason Drive.

Dublin Centre, as the project is being called, will feature 500 homes of various product types including single-family detached and attached townhomes with traditional and modern architectural styles, according to Landsea.

Pricing for the houses will be announced at a future date.

“Dublin is an ideal place to call home with its top-rated schools, shopping, dining, and outdoor recreation,” Baine said.