San Luis Obispo is set to get its flagship high-tech campus as software company MindBody CEO Rick Stollmeyer and local officials broke ground Oct. 29 on a $20 million project including a new office building, four-story parking structure and promenade that will link with an existing facility, eventually boosting employment to 1,300 people.
Westlake Village-based Ryland Group made a roaring comeback in the third quarter, with profits up 415 percent to $53.6 million. The parent company of national homebuilder Ryland Homes said revenue rose 60.7 percent to $576.4 million on higher sales as the housing market continued to rebound.
David Prenatt, the Montecito real estate investor who took in $18 million from more than a dozen people and then used the cash to support what a bankruptcy trustee called “lavish spending habits,” is headed for a sentencing in federal criminal court on Dec. 9.
Prenatt struck a deal with federal prosecutors this summer and pleaded guilty to giving false loan application information to Lompoc-based CoastHills Federal Credit Union. Prenatt’s creditors forced him into an involuntary bankruptcy proceeding in 2009. Earlier this fall, his former wife Maria Prenatt filed for personal bankruptcy claiming $27.1 million in debts.
“We were drawn [to the property] by the proximity to the Amtrak station and lower State Street, but really the hostel is in its own class for budget-savvy kinds of travelers and international students,” said Jared Filippone, a vice president with Capitoline Properties, which recently purchased the hostel.
Developer Westar Associates has broken ground on Hollister Village, a mixed-use project in Goleta that will include 266 apartments and a shopping center.
After years in the planning process that included fierce opposition from some neighborhood activists, Costa Mesa-based Westar secured approvals for the project at Hollister Avenue and Glen Annie Road in October 2012.
The multimillion-dollar sale of a prime property in the heart of the Central Coast’s busiest downtown comes amid a flurry of building activity that had some developers bidding on the lot in hopes of developing the bank building’s adjacent parking lot, which faces the corner of Marsh and Osos streets. But the timing was too good for Heritage Oaks to pass the location up, said Simone Lagomarsino, the bank’s CEO.
A 316-unit apartment complex in Ventura has changed hands for $82 million, one of the largest such deals in recent years. San Mateo-based private real estate investment management firm JB Matteson purchased the luxury Vanoni Ranch Apartments at 10676 Veronica Lane in Ventura. The seller was undisclosed. The apartment complex consists of 27 two-story buildings Read More →