Escrow closed Monday, June 11, on the former DWP property, according to District One Councilwoman Ellery Deaton, who made the announcement at this week’s City Council meeting. The new owners are Shea Homes.
According to city staff, the approvals for the property development are already in place.
The new property owners, like the previous owners, will be required to build a six-and-a-half acre park before they can build houses.
During Monday’s budget discussion, District Five Councilwoman Sandra Massa-Lavitt pointed out that Shea Homes would be building houses, not selling lots, and that the building permit fees would be substantial.
However, the property owners will have to build a 6.5 acre park before they can begin building houses.
According to Deaton, Shea Houses indicated it would take six to eight months to build the park.
The Sun will follow this story as it develops.