342 Olive Ave - V O P: Site 25 (1 of 2 remaining)

The remaining portion of Site 25 (9.3 acres) are zoned High Density Residential at Olive and Hartley. The current layout is 192 units subject to final approval by the city. The site also enjoys being in an Opportunity Zone. This site is one of 5 sites available with a total of +/-83.2 acres of approved land, ready for tentative and final maps. The parcel is located in a 692 acre master plan development called The Villages of Patterson (VOP). The lots are zoned high, medium or low density residential with a total maximum of 797 lots. - In the last 10 years, Patterson has experienced some of the highest 'home appreciation' of any community in the nation - 11.81% annually. That puts Patterson in the top 10% nationwide. - Looking at the past 12 months, Patterson appreciation rates are at 19.24% which is higher than over 90% of the cities and towns in America. - 6.5 million SF of commercial property has been built between 2011-2018. This represents approximately 4,300 new jobs which includes Restoration Hardware and an Amazon fulfillment facility. - New industries in Patterson include Amazon (1 Million SF facility), Restoration Hardware (1.5 million SF site), CVS, Kohls, Grainger Distribution centers, Traina Foods, and other major employers. - Patterson has enjoyed many new retail services including Walmart, CVS, and Walgreens, as well as many new restaurants, coffee shops, the new Hampton Hotel, and multiple banks. - According to Redfin, Patterson's average home sales price increased +42% in the last 24 months. The sales activity has increased over 65%. Most homes receive multiple offers, often with waived contingencies, and sell within 8 - 10 days.