Saturday, December 13, 2008

Some More Information

Here is a link to find out more information about the new Development group that is going forward with the project.

You won't necessarily find any new information about Ponte Vista, but you may want to discover more about the group that now has control over the project.
A very wise person wondered aloud to me whether the name of the development and the project might be changed from Ponte Vista at San Pedro to something else because of the division and failures connected with that name.
Now that it is a moot point, "1,600" was the number of units Bob considered as his minimum number of units he could allow to be built withoug losing any "community benefits" and allowing for all mitigation.
Bob and his partners associated with Bisno Development Co., L.L.C. may have only put up about 8 Million Dollars of their own money to date, in all their dealings surrounding Ponte Vista at San Pedro.

It has been strongly suggested that Bob used other peoples' money through Credit Suisse to have the site acquired and fund some of the processes of developing the project.
The financial backers of the project may take whatever they can get for the project's land value as part of any pricing structure for any units sold on the property. They may not necessarily have to try that hard to recoup the 122 Million Dollars as they may be able to write some of it down and ask the Federal Government for some bailout protection using combined projects and losses dealing with all or most of them.

No comments: