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The Irvine-based developer set to develop Eastvale’s downtown has acquired the land that will be home to the that project’s first phase.
The New Home Company assumed ownership of 495,000 acres formerly known as The Leal Ranch Property when escrow closed recently, according to a statement on Eastvale’s website.
Ultimately, the downtown project will include a library, city hall, police and fire stations, an amphitheater. It will also have commercial and residential development and will eventually cover an additional 100,000 square feet that was also part of Leal Ranch Property.
In 2017, seven years after it incorporated, the city approved the Leal Master Plan, establishing its intent to develop a mixed-use downtown that would be developed on 158 acres.
Earlier this year, the city council approved a 20-year development agreement with New Home, which calls for the city to manage and operate the downtown project’s first phase, according to the statement.
