NEWS RELEASE FOR IMMEDIATE RELEASE
Contact: Landis Graden
Firm helps to bring much needed new home development to Mission San Jose area.
MISSION SAN JOSE, Calif. (October 27, 2008) – Dutra- Cerro-Graden, Inc., a Bay Area based commercial real estate and development firm, announced today that it sold a seven lot luxury home development in the Mission San Jose area of Fremont, California.
Dutra-Cerro-Graden (DCG) first acquired the rights to the site in 2006 and received Fremont City Council approval for a final map subdivision in July 2008. The project was sold to an investment group and closed escrow in August 2008.
The parcel is located on Olive Avenue in Fremont. It will bring much needed new home development to this highly desirable area of Fremont. The development was formerly vacant land held by a private landowner and a portion of the site was also owned by Temple Beth Torah Synagogue.
Mission Olive is an exclusive community nestled in the highly sought after Mission San Jose area of Fremont. The seven new homes that will be built will range in size from 2,600 to 3,400 square feet and have been designed to the highest architectural standards. Upgrades to the existing infrastructure include streets, sidewalks, landscaping, etc., and will provide major benefits to the existing neighborhood. DCG’s development team worked in partnership with the surronding property owners to ensure their full support of the project.
“Despite the current economic challenges, we are very pleased to have sold this fabulous project to a respected investment group. We are also very proud of the design and the effort from our development team, led by Alan Cerro, that worked so hard to get this site entitled. This project will be a real asset to the community,” said Dominic Dutra, President and CEO of Dutra-Cerro-Graden and a former Fremont City Council member.