Newhall Land folded into newly formed FivePoint group

Newhall Land, architects of the Valencia master plan and the future Newhall Ranch community, has been folded into a newly formed FivePoint Holdings LLC. “Newhall Land as an entity no longer exists,” said Steve Churm, chief communications officer for Five Point. The company, named for the family that once owned thousands of acres used for agricultural purposes before it went into the land development business, is now part of the FivePoint Holdings, he said. “We remain in the market in the Santa Clarita Valley, however,” Churm said. “Newhall Ranch is very important to us and we’re determined to see it built. Nothing changes in that respect.” As for Newhall Land’s executive management, Greg McWilliams’ role has expanded. “He’s now the Regional President overseeing all Southern California operations, Churm said. “He’ll oversee the masterplan communities of Newhall ranch and Great Park Neighborhoods in Irvine.” McWilliams continues to operate out of the Valencia office for the foreseeable future, he said. Donald Kimball, part of the Newhall Ranch management team for more than 25 years, is Community President, Newhall Ranch in which he’ll oversee development of the community. Kimball previously served as Executive Vice President at Newhall Land. He has also served as Senior Vice President and CFO at the company. FivePoint now owns communities it previously managed, including Newhall Ranch, the San Francisco Shipyard, Candlestick Point in San Francisco, and Great Park Neighborhoods. All projects will be led by FivePoint Chairman and CEO Emile Haddad. Before the announcement, Lennar Corporation, which held an interest in Newhall Land, held equity positions in each of the four communities and the Five Point management company. Lennar is now the largest investor in FivePoint. “Investors in Newhall Land have become shareholders in FivePoint Holdings; they’re now shareholders or investors in Five Point,” Churm said. Combined, the four mixed-use communities will include approximately 40,000 residential homes and 20 million square feet of commercial space. The Newhall Ranch project alone accounts for more one-half of those homes. All of the developments under FivePoint are located in major areas where housing is needed for employees of adjacent companies, the firm said. "FivePoint Holdings is a strategic combination of world-class real estate assets that have been in planning and development for more than a decade," said Chairman and CEO Emile Haddad said in a statement. "We have the desire, expertise and the singular goal to create vibrant, sustainable communities for 21st-century California. We are excited about what lies ahead."