Despite some rough years, Emile Haddad and Lennar are moving forward with sizable residential projects:
?That?s normal business,? said Haddad, CEO of FivePoint Communities, an independent real estate development company owned by Haddad and Lennar Corp. ?Normal is a great thing in today?s world.?
Almost nothing has been a normal challenge for Haddad during the last few years as the housing market crashed, leaving a number of huge land developments Haddad was working on as chief investment officer for Lennar stalled at best and in economic shambles at worst as the value of the land dissolved far below the loans that financed some of the projects.
Even at the market?s peak, Haddad had a difficult job. In addition to the Newhall project, which encompasses 19 square miles and is slated to become a new town with 21,000 homes and 60,000 residents, he was also working for Lennar at the complicated business of converting a number of former California military bases into massive housing communities big enough to be called towns. Besides their size, the developments? challenges were and are major. Often there are environmental contamination issues to resolve as well as the need to achieve consensus with cities and counties on the high-profile development plans.
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