Post acquires Wavecrest for $13.5 million

Today the Peninsula Open Space Trust (POST) announced that it has acquired Wavecrest, a 206-acre property located on Cabrillo Highway on the southern tip of Half Moon Bay. POST purchased the land on January 29 from private owners for $13.5 million, to be paid over the next

three

two years.
       
"We are very pleased to preserve this stunning Coastside property," said POST Executive Vice President Walter T. Moore. "The land here has everything going for it—open meadows, winding trails, sweeping vistas, dramatic bluffs, thriving wildlife, popular ball fields and a key location at the edge of Half Moon Bay. The protection of Wavecrest means the community is no longer at risk of losing this amazing natural and recreational resource. From now on, residents and visitors will come here and know that this beautiful, vital landscape will remain this way forever."

CORRECTION: The original version of the press release said it was to be paid over three years, not two.

POST first announced its intention to work with the property’s sellers last August. Since then, community members have expressed their strong support for POST’s involvement in the protection of Wavecrest.
       
Over the past three decades, Wavecrest had been the focus of extensive plans for development, ranging from 200 to 600 residences as well as commercial development. Had any of those proposals moved forward, the property’s natural features would have been dramatically compromised. However, none of the plans came to fruition, and the sellers, after considering multiple options, decided to approach nonprofit land trust POST about preserving the land permanently.
       
"It’s been a long road, and now the best outcome for all parties involved has been achieved," said Bruce Russell, CEO of Kenmark Real Estate Group and representative of the land’s sellers. "This arrangement is what’s best for the sellers, the land and the community. We’re pleased to have made this sale to POST."
       
Wavecrest has long been a popular destination among Coastside residents for hiking, jogging, bird-watching, dog-walking and baseball.  It is ideally situated to provide a key link along the California Coastal Trail, and is a haven for raptors, which can often be seen swooping over the windswept fields.
       
According to Moore, POST’s purchase of the land will not change public access to the property. "We’re entering into a planning stage that will help us determine the long-range use of the property. We are also working with the city of Half Moon Bay to continue use of the ball fields, so that the community can continue to benefit from this recreational resource," he said.