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MyspaceAfter nearly two years of lawsuits and other assorted attorney-driven antics, it appears that the long-proposed development dreams for Naples may have a new owner, or at least someone eager to buy it. At Tuesday’s Santa Barbara County Supervisors meeting, folks from First Bank, the Missouri-based financial institute that assumed ownership of the storied Gaviota property after onetime development visionary Matt Osgood defaulted on his loans in the spring of 2010, introduced the supes to the people ready to write a very big check for Naples: a pension-fund investment firm from Boston by the name of CrossHarbor.
The discussion centered around whether or not the supervisors would approve a transfer of the inland portion of the development rights at Naples (still an issue of contention but technically approved in 2008) to CrossHarbor and its newly formed subsidiary earmarked specifically for the Naples project, CIP II. However, with the aforementioned lawsuits between Osgood and First Bank still pending, one of which includes specific debate about who exactly holds what when it comes to the various development rights, the board voted unanimously to continue the matter until after the lawsuits have their day in court later next month. As 2nd District Supervisor Janet Wolf put it, “How can you transfer something when you don’t know who you are transferring it from?”
The continuance was agreed to by representatives from First Bank and CrossHarbor but not without a certain amount of chagrin, especially from the Naples neophytes. Telling the supes that he found it “mind-boggling” that they wouldn’t approve the transfer this week, David Thurman, the project rep from BonDrak (an L.A.-based development firm pegged by CrossHarbor to potentially build the project), asked that his team be “treated a little bit more fairly” the next time they meet with the county. The matter is scheduled to return to the board on May 1.
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"David Thurman, the project rep from BonDrak (an L.A.-based development firm pegged by CrossHarbor to potentially build the project), asked that his team be “treated a little bit more fairly” the next time they meet with the county."
He must be new to this party, huh?
cartoonz (anonymous profile)
March 22, 2012 at 4:13 p.m. (Suggest removal)
Yes, must be new. Just wait a year or so when they'll be screaming that they wished they never set foot in Santa Barbara or tried to develop Naples. When will out of town developers learn? Santa Barbarans love our community and our open space and natural lands, and we will fight to the end to preserve its unique beauty found nowhere else in the world, and to safeguard our wonderful way of life.
Like so many would-be developers, they'll leave with their tails between their legs. In fact, they should get out while they still can.
goleta43 (anonymous profile)
March 23, 2012 at 10:02 a.m. (Suggest removal)
Hmm, well personally I would find vandalism much easier to justify against a faceless east coast development corporation than some dude trying to build some nice houses. I'm sure others may feel the same.
Get the pitchforks ready :D
loonpt (anonymous profile)
March 23, 2012 at 4:40 p.m. (Suggest removal)
Wtf? I'd like to form an opinion, but I can't make heads or tails of the 1st paragraph. I stopped reading after the 20th comma.
beerock (anonymous profile)
March 26, 2012 at 7:44 p.m. (Suggest removal)