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Council told economic climate delaying Adams Preserve development

February 27, 2009
Santa Paula City Council

The Pinnacle Group remains committed to the development of Adams Preserve, even though future plans for the canyon north of the city are delayed due to the financial climate.

By Peggy KellySanta Paula TimesThe Pinnacle Group remains committed to the development of Adams Preserve, even though future plans for the canyon north of the city are delayed due to the financial climate. “I’ve been in business about 35 years,” Pinnacle President/CEO John Lang told the City Council at the February 17 meeting.“I thought I had seen everything, but this economic turmoil is a new one.” The real estate industry is virtually at a standstill, money and funding are non-existent, and Lang said the industry is seeing development plans “falling by the wayside every day. The silver lining” is that the asset is “secure and safe.”Lang said Arizona-based Pinnacle Group is presently “talking to other lenders about moving the project forward in the approval process. In this economic climate why anybody would be talking about financing this project” is based on a “great piece of property in a great town” with strong Council support. People are watching Santa Paula and are observing “that commitment and our commitment,” which of the latter Lang said is “unwavering.”
The timing of moving forward with the proposed development - which will include more than 400 custom home sites and amenities - is unknown: “I don’t have the timing” of when the project will proceed, noted Lang. “If somebody can tell me when the recession is over, I could probably give you a date.”“You had an office in the downtown that shut down,” said Councilman Dr. Gabino Aguirre, who said his concern centered on the fact that Adams Canyon was opened to development by voter mandate. If there was a change in canyon ownership and another developer, Aguirre asked if “they would be at liberty to change that” or if the issue would have to again be decided by voters.“I haven’t left town, I have a home here,” and Lang said the “initiative that locked down 495” custom home sites is “solid.... If we did sell or did leave town,” any developer would be “bound by that initiative... and we have no thoughts of leaving town.”