UNION CITY — New Haven Unified has sold a former school property for more than $14 million, bolstering the district’s coffers and illustrating further that the region’s once-dormant real estate market is rebounding.
The five-member board of education approved the deal June 18, after it was brokered by Dutra-Cerro-Graden, a Hayward real estate firm.
Pulte Homes agreed to purchase the eight-acre property that once housed Cabello Elementary School, paying a price well above initial estimates of $10 million. The Michigan-based developer plans to build 46 single-family residences on the parcel at 4500 Cabello St., near Regents Boulevard, officials said.
The site’s size originally was nine acres, but the school district donated about an acre to Union City, said Dominic Dutra, CEO of Dutra-Cerro-Graden. That extra acre will create a buffer between the planned housing and Veterans Park, an adjacent recreation area offering picnic benches, tennis courts and sports fields.