Project funding requirements are currently estimated to total $10 million to $15 million for each joint venture partner for the first two years of the project which will create 1,500 housing units estimated to sell from $300,000 to $750,000.
The proposed development, overwhelmingly approved by voters in 2008, is expected to include an elementary school, 38-acre community park and other amenities.
Edwards noted, “We have great respect for the significant accomplishments the Lewis Group has enjoyed over its history and we believe the shared heritage, culture and values of our companies will help make the Gateway Project a success for both of our organizations and the City of Santa Paula. We will leverage the expertise and strong reputation of our combined companies to meet the growing demand for high-quality homes in Ventura County.”
Said Edwards, “The Gateway Project is a great example of Limoneira unlocking the value of its extensive real estate assets. We believe that over time, this project will result in significant cash flows, which will allow us to significantly increase the operating results of our global agribusiness. We are confident this will enhance the long-term value of our company for our shareholders and deliver on our stated goal of becoming one of the leading citrus agribusinesses in the world.”
Mr. Randall Lewis, Executive Vice President of The Lewis Group of Companies commented, “We are delighted to partner with Limoneira on the Santa Paula Gateway project which represents a tremendous opportunity to meet the growing demand for single-family homes in Ventura County. The beauty of the Gateway Project offers a unique and highly desirable location by combining reasonably priced homes that are only fourteen miles from the Pacific Ocean and accessible to several major highways and the greater Los Angeles area.”
The Lewis Group has built more than 57,000 housing units, more than 10,000 apartments (most owned and managed by the company) and 14.5 million square feet of retail, office and industrial. It has about 450 employees.
According to its website, “The Lewis Group of Companies continues today as one of the nation’s largest privately held real estate development companies. The Lewis Group focuses on developing mixed-use planned communities and residential subdivisions in California and Nevada, as well as building and owning rental communities, shopping centers, and office and industrial parks.”
