Five Rivers Village homes in YC could be ready next year
Jul. 6—The single-family residential neighborhood Five Rivers Village is currently being built in Yuba City as part of phase one of the city's Yuba Crossing Mixed Use Plan.
Sacramento real estate developers New Faze and Reynen & Bardis have partnered to build 53 homes in the area.
Five Rivers Village will be near Franklin Road and State Route 99. Construction for the neighborhood began earlier this year, but developers with New Faze believe that some homes will be ready for families to move-in by spring 2023.
Upon completion, residents will be able to choose between three different home models.
The three-bedroom, two-story houses will range between 1,300 and 1,650 square feet and come pre-wired for charging electric vehicles.
The project and partnership was initiated after Reynen & Bardis purchased land for a separate residential project from New Faze in 2019, the Sacramento Business Journal reported. With a good transactional relationship established, the companies decided to partner in tandem with Yuba City's housing and retail expansion plans.
Five Rivers Village is the first housing project the two developers have collaborated on, but Reynen & Bardis President Jack Reynen believes that their companies will form more partnerships in the future.
"We had a transaction together that did well, so absolutely, we hope there will be more in the future," Reynen told the Business Journal.
The infill neighborhood is being constructed to better utilize the developing residential and commercial space in the surrounding area. The Yuba Crossing Mixed Use Plan was finalized in 2017 to promote economic and housing development within Yuba City.
In addition to homes, New Faze has been tasked with designing and developing a series of 10 live-in work spaces for the retail front of Franklin Road. The neighborhood will open with three-story dual retail and residential properties for tenants and local business owners, according to the Yuba Crossing development plan. Commercial, retail and office spaces will be available on the first floors of each building with apartments built on the upper sections.
"We adopted a posture three and half years ago of being 'open for business.' This is yet another project that proves our commitment to the business community because we're going to have mixed-use property," Yuba City Mayor Dave Shaw said. "We started addressing the diversity of our housing types, and this factors into the ratio we have for multiple price points and more affordable housing."
New Faze will add approximately 23,000 square feet of mixed-use space to Five Rivers Village. Residents will be able to live, work and shop within a walkable, sustainable community, Shaw said.
He believes that the housing and commercial development plans will provide more living options to Yuba City residents beyond its agricultural areas.
"You look at being a good neighbor. You cut down the carbon footprint. ... We are still an ag-based community, but in that, we need all types of housing. We need those pockets of our city that offer this type of convenience for those that want it, and yet we have to have wide-open spaces for people who are tied to the agricultural side," Shaw said.
Representatives with New Faze were unavailable to confirm the average prices for the single-family homes in Yuba City, but the Warren Group, a real estate partner with New Faze, lists a $1.15 million price point for each house on its website.
