The Rockaway Quarry, the centerpiece of a development battle in 2008, has been transferred from Peebles Corp to an affiliate of its lender, reports Julia Scott in the County Times.
The 87-acre Rockaway Quarry has been sold to an unidentified affiliate of Ambit Funding LLC, a Pennsylvania-based company that originally loaned former quarry owner The Peebles Corp. $16 million to purchase and develop the property, according to an announcement by Peebles. Peebles bought the quarry for $7.5 million in 2005 from another company that had tried and failed to build a mixed-use housing and retail development in that location.
Florida-based Peebles likewise failed to convince a majority of Pacifica voters in 2008 of the value of its proposed 355-unit mixed housing plan, which would also have included a luxury hotel and ample retail space — a new downtown along Highway 1, steps away from the ocean and several favorite beaches. [...]
Unfortunately, Rockaway Quarry was not a hot ticket among commercial developers in the sliding economy. [Peebles Corp. Senior Vice President Daniel] Grimm said it had three or four offers, all of which were far below the $25 million his company was seeking. The quarry was most recently appraised at $85 million. “We were unable to sell it for a price to satisfy both parties, so we had to have another discussion,” Grimm said. “We reverted back to our positions, which was a dispute, and agreed to sell it to an affiliate of the lender. ... I know they gave us a good deal, so we took it.”
The terms of the transfer, and Ambit’s plans for the property, are unknown.
Miramar area DSL problems, Sep 2 8:58am, Kevin Barron — >>more likely to cause AT&T to make the necessary investment Frankly, you are asking AT&T to sink a ton of money in a subscriber base that is very small, and require a very expensive infrastructure investment w/ predictably inverse ...
Miramar area DSL problems, Sep 1 7:12pm, Benjamin Grant — Michael, I had AT&T copper in my previous place but it was close to the CO and we had really good DSL throughput via DSLExtreme. I was also told the copper was fairly new-ish. Apart from the condition of the wires and the CO distance itself I ...
Miramar area DSL problems, Sep 1 10:38am, Steve Portigal — Do you have a thread going on the relevant forum on broadbandreports.com? It may catch the attention of someone who does care and wants to fix this. Hope you can get some resolution! ...
A ballot measure to increase HMB sales tax?, Aug 31 6:49pm, Bob Poole — Thanks for the heads up about San Mateo ...
A ballot measure to increase HMB sales tax?, Aug 31 5:21pm, Barry Parr — Sales taxes in San Mateo County communities: 9.25% Atherton 9.25% Belmont 9.25% Brisbane 9.25% Burlingame 9.25% Colma 9.25% Daly City 9.25% East Palo Alto 9.25% El Granada 9.25% Emerald Hills (Redwood City) 9.25% ...
A ballot measure to increase HMB sales tax?, Aug 31 5:14pm, Bob Poole — At least to San Mateo, as we do so often now, and it wouldn’t be just $1.00 on groceries. ...
A ballot measure to increase HMB sales tax?, Aug 31 4:22pm, Barry Parr — How far would you drive to save $1.00 on a $100 grocery bill, or $.03 on a latte? ...