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A blog about the economy and the Sacramento-area real estate market.

January 13, 2009
Canadian-backed Roseville venture resurrects R&B lots
You can see it starting to happen now: a realignment of the area building scene as ventures with capital take over ventures with debt.
  Roseville-based Granite Bay Development, recently become a subsidiary of Canadian real estate's United Communities, will breathe life into a pair of stalled area housing developments formerly owned by struggling Sacramento home builder Reynen & Bardis Communities.

 Granite Bay bought the projects from Reynen & Bardis and its lender in October, said senior project manager David Ragland this afternoon. The names of both projects will stay the same as under R&B: Romanesque at East Commerce Way and Elkhorn Blvd. in Natomas and Watercraft just west of Jefferson Boulevard in West Sacramento. Prices will be start in the low $300,000s. Plans are to release 26 home lots for sale and build when they get buyers.

The Natomas project has its permits, so it can build and sell during a long moratorium now in effect while the government rebuilds the region's levees.

The new 10-member development team includes Jack Reynen, son of Reynen & Bardis cofounder John Reynen. The elder Reynen filed for personal bankruptcy protection last year over debts taken on by his building firm during the housing boom.

After the moratorium, Granite Bay Development is also poised to resurrect another mothballed Natomas project started by Los Angeles builder Pardee Homes. The Roseville firm bought the 100-acre residential project from Pardee last October.

Details: www.unitedcommunities.us

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