Monday, September 27, 2010

A Statement From an iStar Manager

Here is a post from

The site is owned by Ponte Vista and it claims to be the official Ponte Vista at San Pedro site.
I don't have any problem with that and I never have.

This blog predates the site from where this post came from and the more information everyone has about Ponte Vista at San Pedro, the better all of us can enjoy a successful new development in our community, I feel.

Statement by Steve Magee, Vice President, iStar Financial regarding Ponte Vista project
Sep 24th, 2010 by Ponte Vista

As the new owners of the Ponte Vista site, iStar Financial is committed to working with the community to ensure that the project reflects the unique character of the Harbor Area. We are committed to a high quality, residential development with a mix of housing types, including; townhomes, condominiums, and apartments that will be accessible to a variety of households and income levels. We are responding to community concerns raised over density and we will be proposing fewer than half the number of homes initially proposed by the original owner. Even at this lower unit count, the plan still provides an abundance of open space and public walking trails, a new park to serve all area residents, and a road from Western Avenue to Mary Star of the Sea High School for students, parents and faculty.

We know the community shares our desire to improve this blighted piece of property with a development that addresses San Pedro’s needs for high quality and mixed income housing, while employing local workers to build the project. As we finalize the site plans and begin the process of getting Ponte Vista built, we look forward to ongoing conversations with our neighbors, Councilwoman Hahn, and the community.

iStar Financial has a global reputation for integrity and expertise in the real estate market. We have carefully reviewed the strengths and weaknesses of the previous plans, and look forward to working closely with the community to create a new vision for Ponte Vista. Working together, we can build a project that benefits all of the residents of the Harbor area. “
I also posted a Bloomberg News article on a previous post that mentions the possibility that iStar Financial may see bankruptcy protection in the near future.

I also read an article in these last several days about iStar Financial purchasing the common areas of a housing development back east.

It is better to work with the folks representing Ponte Vista at San Pedro than fighting against them. In these last several months I have been feeling better about being able to work with them, always remembering the battles and turmoils of "The Bob Years".

I hope we don't go back there however prepared we are to do so.

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