The Gazarian Real Estate Center at Fresno State kicked off its 2014 speaker series this week with an update of Madera’s Gateway Village, a master-planned community.
The 2,019-acre property on the corner of Highway 41 and Avenue 12 was owned for more than decade by Los Angeles-based Castle & Cooke who envisioned building homes for 21,000 people and commercial space.
But in 2010, the company sold the property to Fresno attorney Timothy Jones and a group of investors who operate under the name of Gateway Village Development LLC.
The group will develop the property into what Jones calls “super pads” outfitted with roads, sewer and electrical lines and more before selling it to homebuilders and commercial developers who would then build out each pad to their liking.
“We’re not homebuilders,” Jones said to a group of about 45 students and local real estate professionals. “We want to develop it into property that homebuilders can buy.”
Interest from Fresno and Clovis homebuilders is high, Jones said, but he declined to say who is interested in building there.
Grading for the first phase of the project, which includes 858 residential lots, 43 acres of commercial space and a 13-acre grammar school site, could begin as early as July, Jones said.
The monstrous property is designed to have a total of 6,578 residential units, 196 acres of community and multi-use property, 115 acres of park and green space and six schools. It would take about 19 years to build the entire development.