FREMONT (KPIX 5) — After 20 years of debate over what to do with some prized real estate in Fremont, a decision has finally been made. KB Home is slated to build 500 new single family houses at the historic Patterson Ranch.

It’s one of the last wide open tracts of empty land in the Fremont area, but it won’t stay empty for long. The developer is betting big on the housing market here, and will soon start construction at Patterson Ranch.

“It’s extremely rare in the Bay Area, which is very land constrained, to see something of this size and scope, come to the market,” Chris Apostolopoulos of KB Home told KPIX 5.

KB Home said it’s investing more than $200 million in land and construction costs, but considers it a safe bet.

“The market has clearly stabilized, interest rates are still favorable. There is a lot of pent up demand, especially for a location like Fremont for a product type that is traditional single family,” Apostolopoulos said.

The development will have five different neighborhoods with five lot sizes. Homes will range from 1,700 to 3,400 square feet, with prices close to $1 million each.

“You’re going to see buyers here coming from all over,” said Bill Aboumrad, a Fremont real estate broker.

Aboumrad said the location at Ardenwood Boulevard and Paseo Padre Parkway will appeal to Silicon Valley workers on both sides of San Francisco Bay.

“One of the nice things about Fremont, it’s very centrally located. So this particular location will be bringing people from the Peninsula over here. They can just hop on the Dumbarton Bridge to get to work to some of those high-tech companies, as well as the Silicon Valley.” Aboumrad said.

Construction is set to start later this year. KB Home is expected to selling the homes starting early next year.

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