Three generations of the Baldwin family have been part of one of the region’s largest homebuilding and real estate development businesses, with operations stretching from San Diego County to Ventura County over the years.
A fourth generation appears likely to be in the cards.
“I have 13 grandkids,” said Al Baldwin, chairman and chief executive of Newport Beach-based Baldwin & Sons LLC, a privately held builder whose associated companies have constructed more than 20,000 homes in Southern California since the mid-1950s.
Al’s dad, Noel Baldwin, a mailman-turned-chicken-rancher-turned-homebuilder, started the family business, whose related operations now include developer Sunrise Co., Pacific Coast Communities and Heritage Building & Development.
Each of the businesses is run by one of Al Baldwin’s three sons, Ron, Steve, and Shawn Baldwin, and his son-in-law, Randall Bone, who’s married to Al’s daughter Allison.
The combined businesses of Baldwin & Sons received the Longevity Award at the Business Journal’s Family-Owned Business Awards on June 14 at Hotel Irvine (see related stories, pages 1, 3, 6 and 10).
“This was my dad’s dream,” Al Baldwin said at the event. “Family-owned businesses are the backbone of the country. I’m proud to be one of them.”
Otay Ranch, Lake Forest
The associated companies’ biggest assets are in San Diego County’s Otay Ranch, a development in eastern Chula Vista that will have 10,000 homes upon completion.
The family’s business builds homes on its land and sells lots to other homebuilders.
The model has been used for its biggest Orange County holdings in the Portola Hills region of Lake Forest.
Last year, Baldwin & Sons opened The Oaks in Portola Hills, a 304-unit luxury home project about a mile north of the 241 Toll Road near El Toro Road.
Some of the homes there exceed 4,000 square feet, and prices start at about $1.2 million for smaller models. The third sales phase recently began.
Baldwin & Sons sold an adjacent 96-acre site in 2015 called Portola Center South to the local division of Landsea Group, a China-based builder trying to make inroads in the U.S. Plans call for more than 600 homes and apartments; Landsea, whose U.S. operations are based in Irvine, said it plans the first batch of homes to open for sales this year.
Al Baldwin said last week that, “We have a ways to go yet” in terms of the current housing market cycle, with prices only now returning to peak pricing of a decade ago, not even factoring in inflation. Low interest rates continue to provide a boost to the industry, he said.
The biggest problem the company faces is a labor shortage and a backlog of construction due to the harsh, rainy winter in Southern California this past fall and winter, he said.
With a lengthy history in the business, Baldwin has seen his share of market ups and downs, like most builders. A prior downturn put a heavy financial strain on homebuilding and related businesses Al Baldwin previously operated with his brother, Jim, under the Baldwin Co. name.
The brothers split their remaining business interests in the 1990s and set up separate companies after the demise of Baldwin Co.
Park Leader
Al Baldwin, a one-time San Diego Padres investor, has a charitable streak whose list of accolades runs about as long as his company’s bio.
He’s served on numerous boards and charitable foundations over the years, including the Futures for Children, Orange County Performing Arts Center, and City of Hope Construction Industry Alliance.
Last week, he attended and sponsored Stars & Stripes, an annual event in Cabo San Lucas, Mexico, that raises money for children’s charities based in Southern California and Mexico.
His friendship with another real estate executive, Cushman & Wakefield’s John Cushman, led to an interest in the National Park Foundation, the official charitable partner of the National Park Service. He joined the foundation’s board in 2008 and now serves as chairman.
He’s also chairman of the foundation’s Centennial Campaign, described as “the largest comprehensive fundraising campaign in the history of the organization.” A $350 million goal was set for the five-year campaign last year that’s since risen to $500 million. As of last month, $414 million had been raised to protect and preserve the country’s more than 400 national parks and historical sites.
