Business Journal: Canadian Firm May Help Boost Local Housing
Once-dormant housing projects will get some new life.
Tuesday, January 13, 2009
Sacramento’s down-on-its-knees new-home construction industry could get a much-needed boost from a Canadian company. United Communities has created a Sacramento division, completing a deal for projects formerly owned by Reynen & Bardis Communities, once one of the largest homebuilders in the region before the recent tough times. Calgary-based United Communities has established a local subsidiary, Granite Bay Development, and has bought at least three housing development sites in the region during the past year. Granite Bay recently bought about 100 finished lots in Natomas and West Sacramento from Reynen & Bardis, whose partners John Reynen and Cristo Bardis filed for bankruptcy protection last year and listed several hundreds of millions of dollars in debt. Last year, Granite Bay Development bought a new-home project from Pardee Homes in Natomas.