Tag Archives: HomeFed

After many years of waiting, work to start on San Elijo’s Town Center – The San Diego Union-Tribune

After perhaps 15 years of waiting — and trying not to lose faith — San Elijo Hills residents will finally see restaurants and shops go up on vacant land in the commercial heart of the upscale community. Grading is set to begin next week on a weedy, fenced-in patch of dirt in the middle of the sprawling master-planned development in southern San Marcos. Construction should start around October, and the first businesses could open by next spring on the 5 acres of vacant land in what is essentially downtown San Elijo.“I know there has been skepticism. I hope to cure that in a few weeks as we start creating dust and showing people what a great project this is,” said Duncan Budinger, director of retail development for Ambient Communities, which is building the project. “We fully believe we are going to meet or exceed the expectations of the community.”

READ MORE VIA Source: After many years of waiting, work to start on San Elijo’s Town Center – The San Diego Union-Tribune

San Elijo Hills center may grow again | SanDiegoUnionTribune.com

SAN MARCOS — Land that has sat vacant for years in the commercial heart of the San Elijo Hills community may sprout shops, restaurants and two dozen townhomes, possibly by late 2017.Residents and city officials have waited for years for the right project to complete the community’s Town Center, a retail hub that was supposed to serve the thousands of homes built in the sprawling master-planned development in southern San Marcos.HomeFed, the publicly traded company that manages San Elijo Hills, has teamed with Ambient Communities to build a two-phase project on the empty 5-acre space.The plan calls for 33,000 square feet of restaurants and retail throughout seven single-story buildings, with 24 condos — three-story units with rooftop decks.Jeff O’Connor, director of operations for HomeFed, said last week that he is “definitely excited about this because it’s going to complete the Town Center — and the residents will be the beneficiaries of that.”No specific proposals have been submitted to the city yet; that is expected within weeks.

READ MORE VIA  Source: San Elijo Hills center may grow again | SanDiegoUnionTribune.com

San Elijo Hills Town Center Update from San Elijo Hills Development

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As a follow up to our recent Towncenter update, we are pleased to share that we have entered into a purchase and sale…

Posted by San Elijo Hills on Monday, November 9, 2015

Development coming to center of San Elijo Hills? | SanDiegoUnionTribune.com

Last month, the San Elijo Hills Development Co. announced it was in talks with working with a retail developer regarding the second phase of the Towncenter.

SAN MARCOS — For more than a decade, as rooftops went up around them, three high-profile lots in the commercial heart of the master-planned San Elijo Hills community have been vacant — and residents of the affluent south San Marcos neighborhood have waited for a change.

Now, there is at least a sign that the dirt could give way to development.

Late last month, the San Elijo Hills Development Co. — a subsidiary of developer HomeFed Corp. — posted an online announcement stating it was “thrilled to share that we are working with an experienced and proven retail developer toward an agreement to build the second phase of the Towncenter.”

“We realize residents of San Elijo Hills have been waiting a long time… and we are excited to tell you about this progress,” said the announcement, on sanelijohills.com.

 

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READ MORE VIA Source: Development coming to center of San Elijo Hills? | SanDiegoUnionTribune.com

Mayor Desmond Pressures San Elijo Hills Development Company on San Elijo Hills Town Center Development

San Elijo Hills

Council member Chris Orlando invited HomeFed/San Elijo Hills Development Company to give an update on the status of the undeveloped portions of the San Elijo Hills Town Center. Paul Borden, President of HomeFed spoke before City Council on Tuesday evening. You can watch his recorded presentation here about 15 mins into the agenda. Here are our efforts to summarize the presentation and the exchange with The Mayor and Council Members.

Paul Borden started with some history. San Elijo Hills Development started developing San Elijo Hills in 1998. The Town Center was started in 1999. Albertsons was built in 2007, and the MarketWalk shops were completed in 2009. In 2011 and 2012, Chase Bank and Pacific Preschool purchased land and developed the respective buildings. Paul stated the remaining portions have been HomeFed’s “Achilles’ heel”.

Borden explained that HomeFed has looked at various mixes of retail, medical, office, live/work units. HomeFed has worked with two different agencies to secure a developer or builder. Borden spoke about the slowdown in retail and his resistance to bringing a big national chain. Borden spoke of his patience and support of the current retail and the San Elijo Hills Development Company marketing campaigns to encourage residents to shop locally.

Borden briefly mentioned that he has two developers/builders that are interested in developing the parcels and HomeFed is now in negotiations with those perspective developers/builders. He did not give specifics.

Mayor Desmond asked what is the status of completing the entire development of San Elijo Hills? Borden responded with the fact that there are roughly 3,300 approved units/homes with 150 units/homes left to build-out. Borden estimated they are 85% to 95% complete with San Elijo Hills. Mayor Desmond responded “The time is now to build out the Town Center. People have bought into the dream.” Borden responded: the residents of San Elijo Hills are our biggest supporters and they have purchased multiple homes in our community and sold homes to friends etc. Mayor Desmond responded with “Get it going, get it done.”

Borden explained this is a project of pride for HomeFed and they would like to keep the standards high and they did receive the feedback from the residents who were not looking for 40 more residential units in the Town Center. HomeFed just could do the  “Just build it and they will come concept”.

HomeFed did not volunteer any specifics on the two negotiations they are engaged in. Council Member Jabara pressed this issue and Borden responded with: they’re looking at a mix of residential and retail and no longer interested in building the approved parking structure. It sounded like they are looking at 9-12 row homes and up to 13,000 SQF of retail but Borden said the retail will not work. HomeFed would like to keep the quality of spaces and construction on par with the rest of San Elijo Hills.

Council Member Orlando stated “I’ve been involved in this project for a very long time, but we now have roofs and we now have traffic it’s been 14 months since your last plan was presented in a San Elijo Hills community forum and you’ve been silent with the public and residents”.

“Residents have seen significant retail go up around them. They ask how are they able to get that done?” Council Member Orlando felt the shops are doing well and it’s time to talk about “what is next”.

Borden again stated he was not supportive in placing a national brand and he was going to work with The City and possibly scale back their current entitlements. Borden stated he was willing to meet with The City.  Council Member Orlando encouraged them to be receptive to more community input.

At this point the tension escalated the mayor said “Same old song and dance. Same story waiting for the perfect time, you guys made a lot of money in San Elijo Hills, you are still going to have ups and downs but I’m very frustrated. I will not vote to approve anymore parcel maps for San Elijo Hills residential units.” Borden responded “That is not helpful. I did not come here to get into an argument with Council”.

Council member Jabara stated you are 85% to 95% built-out, the roads are impacted, the schools are impacted, residents see large new anchor tenants nearby in La costa and they are frustrated. Borden said we hear you, maybe we need to scale back maybe we need to be more flexible, we just can’t build retail and have it sit vacant.

Mayor Desmond removed item 8 from the Council consent calendar, this was a final map approval for tentative subdivision map for Phase 5 units 8 and 9 (48 Lots) of San Elijo Hills near Double Peak park and the water tower.

Listen to the video recording of the meeting here the Town Center discussion starts at 15 mins: http://www.san-marcos.net/index.aspx?page=34

 

HomeFed Corporation Completes Initial Closing of Acquisition

HomeFed Corporation Completes Initial Closing of Acquisition of Portfolio of Real Estate Assets from Leucadia National Corporation

CARLSBAD, Calif.–(BUSINESS WIRE)–

HomeFed Corporation (“HomeFed”) announced today that on March 28, 2014, it completed the initial closing of its acquisition of certain real estate subsidiaries and investments and cash of approximately $12.5 million (subject to post-closing adjustment) from Leucadia National Corporation (“Leucadia”) in exchange for the issuance by HomeFed of 6,986,337 new unregistered shares of its common stock pursuant to a purchase agreement dated February 28, 2014. Upon the initial closing, Leucadia beneficially owns approximately 64% of HomeFed’s outstanding shares of common stock. HomeFed expects to acquire from Leucadia the balance of the real estate investments under the February agreement in exchange for the issuance of 513,663 new unregistered shares of its common stock at a deferred closing, which is anticipated to occur following receipt of a third party consent during the second quarter of 2014. Upon consummation of the deferred closing, Leucadia will beneficially own approximately 65% of HomeFed’s outstanding shares of common stock. Pursuant to a stockholders agreement with HomeFed, Leucadia has agreed to limit its voting rights such that it will not have a majority voting interest in HomeFed.

About HomeFed

HomeFed Corporation (HOFD) is engaged in the investment in and development of residential real estate projects in California and Virginia. HomeFed also actively investigates and pursues the acquisition of new residential and commercial real estate projects. HomeFed’s current development projects consist of three master-planned communities: San Elijo Hills and a portion of the larger Otay Ranch planning area located in San Diego County, California and Ashville Park located in Virginia Beach, Virginia. HomeFed also owns a 1,544 acre vineyard located in Madera County, California and the Fanita Ranch property, a 2,600 acre parcel of vacant land located in Santee, California.

Forward Looking Statements

Statements in this press release that are not strictly historical are “forward-looking” and involve a high degree of risk and uncertainty. Such statements are only predictions, and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the risk that the transaction will not be completed; the risk that the business associated with the acquired subsidiaries and investments (the “Purchased Business”) will deteriorate before the transaction is closed; the risk that HomeFed will be required to invest substantially more in Purchased Business, or in integrating the acquired subsidiaries or investments with the Company’s existing operations, than presently anticipated; risks associated with integrating the Purchased Business which is larger and more geographically dispersed and complex than HomeFed’s existing business; risks that HomeFed’s systems, infrastructure and personnel may not be adequate to effect a rapid and orderly integration of the Purchased Business; the risk that anticipated benefits of the transaction will not be realized; and risks and other uncertainties more fully described in HomeFed’s filings with the Securities and Exchange Commission, including, but not limited to, HomeFed’s annual report on Form 10-K for the year ended December 31, 2013 and any updates contained in its subsequently filed quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof, and HomeFed expressly disclaims any intent or obligation to update these forward-looking statements.

 

 

HomeFed Corporation to Acquire Portfolio of Real Estate Assets from Leucadia National Corporation

CARLSBAD, Calif.–(BUSINESS WIRE)–

HomeFed Corporation (“HomeFed”) announced today that it has entered into a definitive agreement to acquire certain real estate subsidiaries and investments of Leucadia National Corporation (“Leucadia”) and cash in the aggregate amount of approximately $18.4 million (subject to adjustment) in exchange for the issuance by HomeFed of 7.5 million new unregistered shares of its common stock to Leucadia. Upon the closing of the transaction, Leucadia will own approximately 65% of HomeFed’s outstanding shares of common stock; however, Leucadia has agreed to limit its voting rights such that it will not have a majority voting interest in HomeFed. The terms and conditions of the transaction, including the definitive agreement, were negotiated and approved by a special independent committee of the Company’s board of directors and ratified by the Company’s board of directors. As part of its review and analysis of the acquisition, the independent committee received a fairness opinion from Duff & Phelps LLC, as its financial advisor.

Paul J. Borden, President and CEO of HomeFed, said that “the acquisition of these properties from Leucadia provides HomeFed with an extraordinary opportunity to drive long term earnings growth and to increase shareholder value. We already have a solid asset base and these new properties complement that base while also adding significant diversity to our existing real estate portfolio. Management and our board of directors are pleased that we were able to reach an agreement with Leucadia to acquire such a unique set of assets.”

The transaction is expected to close in March 2014 and is subject to obtaining certain consents and other customary closing conditions.

About HomeFed

HomeFed Corporation (HOFD) is engaged in the investment in and development of residential real estate projects in California and Virginia. HomeFed also actively investigates and pursues the acquisition of new residential and commercial real estate projects. HomeFed’s current development projects consist of three master-planned communities: San Elijo Hills and a portion of the larger Otay Ranch planning area located in San Diego County, California and Ashville Park located in Virginia Beach, Virginia. HomeFed also owns a 1,544 acre vineyard located in Madera County, California and the Fanita Ranch property, a 2,600 acre parcel of vacant land located in Santee, California.

Forward Looking Statements

Statements in this press release, including any quotes from HomeFed’s management, that are not strictly historical are “forward-looking” and involve a high degree of risk and uncertainty. Such statements are only predictions, and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the risk that the transaction will not be completed; the risk that the business associated with the acquired subsidiaries and investments (the “Purchased Business”) will deteriorate before the transaction is closed; the risk that HomeFed will be required to invest substantially more in Purchased Business, or in integrating the acquired subsidiaries or investments with the Company’s existing operations, than presently anticipated; risks associated with integrating the Purchased Business which is larger and more geographically dispersed and complex than HomeFed’s existing business; risks that HomeFed’s systems, infrastructure and personnel may not be adequate to effect a rapid and orderly integration of the Purchased Business; the risk that anticipated benefits of the transaction will not be realized; and risks and other uncertainties more fully described in HomeFed’s filings with the Securities and Exchange Commission, including, but not limited to, HomeFed’s annual report on Form 10-K for the year ended December 31, 2013 and any updates contained in its subsequently filed quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof, and HomeFed expressly disclaims any intent or obligation to update these forward-looking statements.

Contact:
For HomeFed Corporation
Erin Ruhe, 760-918-8200

Kent Aden Named Vice President At HomeFed Corporation

 

CARLSBAD, Calif. — HomeFed Corporation has appointed Kent Aden vice president and senior development officer, overseeing HomeFed’s master-planned communities in California and Virginia.  He will be responsible for managing entitlements, design, development and marketing for the 450-acre Ashville Park community in Virginia Beach, Virginia, the 2,800-acre Otay Land Company project in Chula Vista, California, and the 2,600-acre Fanita Ranch project in Santee, California.  He will also oversee the completion of the 1,980-acre San Elijo Hills community in San Marcos, California.

“We are pleased to welcome a professional with Kent’s successful track record and stature in the industry,” said Paul Borden, president of HomeFed Corporation.  “Kent has been an influential leader in the advancement of healthy, pedestrian-friendly communities in South San Diego County, and has balanced his career with extensive industry and community service,” he said.

Most recently, Aden was executive vice president of JPB Development and Otay Ranch New Homes.  Previously, he was executive vice president of The Otay Ranch Company, responsible for creative visioning, design, engineering, master marketing and infrastructure construction for the 5,300-acre Otay Ranch Company portion of the 23,000-acre Otay Ranch General Planning Area in eastern Chula Vista.

Earlier, he was vice president/team leader for EastLake Development Company, developer of the 3,200-acre community of EastLake, also in Chula Vista.

A licensed architect, Aden started his career at the architectural firm, The Hill Partnership, Inc., of Newport Beach.

The former president of the San Diego Building Industry Association, Aden chaired the 2008 Pacific Coast Builders Conference (PCBC) in San Francisco.

He was the co-chair of the 2009 Miracle Maker’s Gala for Rady Children’s Hospital and received the 2008 Spirit of Life® Award from the City of Hope’s San Diego Construction Industries Alliance.

Aden has an MBA degree from California State University, Fullerton, and a BA degree in Architecture from the California Polytechnic State University, San Luis Obispo

HomeFed Corporation and its subsidiaries engage in the development of large-scale master-planned communities.  homefedcorporation.com

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