It's A Go!

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  Published in Business and Finance on Thursday, May 10th 2012 at 16:21 GMT, Last Modified on 2012-05-10 16:34:56 by Market Wire
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East Garrison: It's A Go! -- MONTEREY, Calif., May 10, 2012 /PRNewswire/ --

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The 1,400-unit new home, master planned community of East Garrison is actively under construction and creating jobs

East Garrison brings new homes to the former Fort Ord Army Base

MONTEREY, Calif., May 10, 2012 /PRNewswire/ -- Following years of intensive planning and public input, East Garrison, one of the first communities to be built on the former Fort Ord Army Base, is fully approved and financed and is today proud to say, "It's A Go!"

Quietly under construction for the last six months, the new mixed-use, mixed-income master-planned community of East Garrison is actively moving forward toward a planned opening in spring 2013 with its first new homes for sale.

"Now is the time to let our friends and neighbors know that all the hard work, community input and planning for East Garrison is today coming to fruition," said Dustin Bogue of UCP, LLC. "We are delivering on the commitments that have been made to this community by bringing East Garrison to reality."

Construction activities at East Garrison began in October 2011 with installation of infrastructure including utilities, streetlights, grading for roadways, paving of streets, sidewalks and more. This work is nearing completion, which will allow for the construction of new homes, parks and community amenities to begin.

Despite the challenging economic environment, UCP, along with the County of Monterey, have mapped out a strategy for success.

"We believe strongly that introducing new homes at East Garrison that are affordable to a broad segment of people living in Monterey County will give homebuyers the opportunity they have been hoping for: historically low-priced homes of uncompromising quality in a coastal environment," said Bogue. "In addition to the investment of the prior developers, UCP and MidPen Housing will invest $60 million in East Garrison, which has already created local jobs and will continue to stimulate the local economy."

The vision for East Garrison was the result of an extensive public planning process that received unanimous approvals and broad-based community support. As designed, the community will be an inclusive village embracing all ages and economic status. 

Fulfilling on East Garrison's commitment to housing for all people of Monterey County, MidPen Housing will break ground in early May on its Manzanita community. "We wanted to ensure the people, perhaps, hardest hit over the last several years by this economic downturn, would be the first to have the opportunity to live at East Garrison," said Bogue. "This base has served our country since the turn of the century, and now East Garrison will allow us to give something back."

ABOUT
Set upon 244 acres of land that was formerly part of the historic Fort Ord Army Base in Monterey County, East Garrison will be a new self-contained community including 1,400 new homes, a library, parks, an arts district with revitalized historic buildings, public safety stations, public transit and a mixed-use town center. 

The fully entitled and approved community of East Garrison has been recognized by the Monterey Business Council for its success as a public/private partnership and by the Pacific Coast Builders Conference as among "The Best in the West."

East Garrison is owned and operated by UCP, LLC, which is a wholly owned subsidiary of PICO Holdings, Inc. (NASDAQ: [ PICO ]), an experienced real estate investment company with a passion for creating community. UCP has a diversified portfolio of real estate acquisitions, from residential neighborhoods to mixed-use master plans, commercial projects and infill opportunities.

Contact: John Musella
(310) 717-6622
[ john@musellagroup.com ] 

SOURCE UCP, LLC