Melia Homes is moving forward with plans to build a 135-unit project on a portion of the Los Alamitos Race Course after closing on the land for $30.3 million.
The Irvine-based homebuilder, which specializes in infill developments, paid $4.3 million per acre for the site, which previously served as an overflow parking lot for the Cypress racetrack, located 4961 Katella Ave.
The sale, which closed in July, comes a few months after the Cypress City Council approved a residential development on the 7-acre site.
Melia Homes, the county’s 17th largest homebuilder by home sales last year, is expected to kick off grading and demolition work this fall, with a projected construction timeline of two years.
For Sale Townhomes
Plans for the development started in 2018 when the city approved a measure that would allow the redevelopment of unused land at the racecourse, which is on 150 acres.
Melia’s Cypress project, dubbed Belmont, will include 135 for-sale townhomes ranging in size from 1,556 to 1,989 square feet.
The townhomes will have two or three stories, with two to four bedrooms per unit.
Project amenities will include a pool, outdoor common areas and barbecues.
Sales are expected to begin early 2022; prices have yet to be disclosed. It’s the largest housing project currently on the books for the city, which also has a new Amazon distribution facility in the works just off Katella Avenue, headed by Duke Realty.
In addition to Melia’s project, a 9-acre parcel at the racecourse is currently being developed into Lexington Park, a new community park featuring sports fields, playground and other amenities, following a donation from Los Alamitos Race Course owner Edward Allred.
Melia Homes’ site is northeast of another project led by a local developer, this time commercial.
Aliso Viejo-based Shea Properties is underway on a redevelopment of a vacant 13-acre parcel on Katella Avenue fronting the horse track, with plans to add new retail, entertainment and dining components.
That project was approved last year.
Reports indicate Melia and Shea have been in discussions to coordinate traffic and pedestrian integration between the separate developments.