On December 21, 2020, the Monterey County Board of Supervisors voted 5-0 to approve the ultra-luxury residential project ONE Carmel, bringing new development to the last piece of prime land in carmel valley ca that has awaited development for 30 years.
The 891-acre (approximately 3.6 square kilometers) project plans to develop 73 ultra-high-end residences with an average area of 4.38 acres each. In 2017, DLC Capital Partners purchased the former "September Ranch" from the Morgens family, who had owned the land since 1966.
In 2020, HKEx-listed DL Holdings (1709.HK) invested US$5 million at a US$35 million valuation, acquiring 27.06% equity. The first phase of development is set to begin in early 2021. Crystal Jiang, Chairman of DL Holdings, noted that several Silicon Valley tech leaders have expressed strong interest in creating a 21st-century smart eco-community.
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