Catellus Development Corp., one of the West's largest developers, is selling the majority of its home building operations. Is this a sign?
San Francisco-based Catellus is developing the 303-acre Mission Bay project in San Francisco and a mixed-use project at the former Alameda Naval Air Station in Alameda. Now the company is selling most of its development operations to a company called Brookfield Homes of California Inc. "These transactions mark the conclusion of our direct home-building activity and will allow us to focus our residential operations on land development and community master-planning," Catellus' Chief Executive Officer, Nelson Rising. Some say this is an early signal of changes in the real estate and home building market.
Thanks to Chris Steins
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