Barbadus, California’s Westbury, is the first new apartment building constructed by real estate giant, Real Estate Investment Trust (REIT).
The Westbury development, located in the Westchester district, is expected to open in 2019, the Real Estate Institute of America (REIA) announced on Tuesday.
According to the project’s website, the project is “the culmination of years of collaboration with REIT, including a partnership with the Westbury Preservation Foundation”.
The development will include a 2,000-seat auditorium, a 100-unit apartment building, an outdoor terrace, and an indoor pool.
The project also includes a $1.3 billion “smart housing” facility.
The apartments are designed to be “more energy efficient, quieter, and aesthetically pleasing than the typical residential space”, according to REI.
The project’s developer, Realty Partners, will also develop a large rooftop garden.
“Real Estate Investment trusts (REIs) are among the most recognized and successful developers in the US,” REI’s executive director of innovation and sustainability, Dan Rieper, said in a statement.
“The Westbrook project is a testament to their vision and ambition, and we are excited to see the future of real estate development in the region.”
Real Estate Institute officials hope to create thousands of new jobs in the area, according to a press release.
“With Westbury becoming a major destination for New Yorkers and visitors to the region, the Westbrook Development team is thrilled to continue our collaboration with the REI to create this groundbreaking project in the heart of the Westborough neighborhood,” the release said.
Real Estate Investors Association chief executive officer, Greg Kost, said: “The Westborough area has a rich history of economic development and development.
We applaud REI for making a significant investment in the project and for its continued development of a vibrant and attractive new residential and retail destination.”