Five Point Holdings has sold the first 781 homesites at its new Valencia project formerly known as Newhall Ranch, the company said Monday.

Five Point closed on 711 homes at the Santa Clarita Valley development in the fourth quarter of 2019, netting $135 million. It expects the remainder to close in the first half of 2020.

“We have been waiting for this day for a long time,” said Five Point Chief Executive Emile Haddad in a statement. “These are the first deliveries of the approximately 21,000 homesites anticipated to be delivered next in Valencia, building on the reputation of one of the premier master-planned communities in the country that already has over 60,000 existing residents and 60,000 permanent jobs.”

In addition to the residential sites, the project is planned to include 11.5 million square feet of commercial space, including health care and lifestyle-focused uses, and 10,000 acres of open space. It is designed to be the first net zero greenhouse gas community of its size in America.

Five Point is headquartered in Irvine.