LOS ANGELES, March 7 /PRNewswire/ -- The U.S. Department of the Navy has
closed the online auction on the 41.95-acre portion of the former San Pedro
Navy Housing, recently branded Ponte Vista. The winning bid was $63 million
above the minimum opening bid of $25 million.
The remaining 19.58-acre portion of Ponte Vista will be transferred to two
designated Homeless Service Providers ("HSPs"), under a Homeless Assistance
Conveyance pursuant to the Base Closure Community Redevelopment and Homeless
Assistance Act of 1994, or conveyed the remaining portion to the winning
bidder if alternate agreements are reached with the HSPs. The escrow period
is anticipated to end approximately 60 days after the winning bidder's receipt
of the Notification of Acceptance for the winning bid from the Navy.
Colliers Seeley International handled the marketing and auction of Ponte
Vista on behalf of the Navy. The auction, which ran from December 1, 2004
through March 7, 2005, was originally anticipated to close in early January.
However, as laid out in the IFB, it continued for an additional 60 days due to
heavy competitive bidding by two final registered bidders.
Ponte Vista is located in the community of San Pedro, in the city of Los
Angeles, Calif., at the base of the Palos Verdes Peninsula, between Redondo
Beach and Long Beach. The real property is presently zoned R-1, single family
residential, and the city of Los Angeles has indicated that Ponte Vista may
continue to be utilized for residential housing. The online auction provided
a unique opportunity for a residential homebuilder to acquire a highly
desirable in-fill residential land site in Southern California. According to
Ms. Kimberly Kesler, Director of the Navy's BRAC Program Management Office
West, "The Navy is very pleased with the results of the auction. As with the
recent sale of the former MCAS El Toro property, this was a win-win for the
Navy, the local citizens and the taxpayers. We look forward to watching the
redevelopment of Ponte Vista into a new, vibrant community."
Contact: Judith Brower
or Eliza Rutel
(949) 509-6551
erutel@browermillercole.com
SOURCE Colliers Seeley International
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CONTACT:
Judith Brower or Eliza Rutel,
erutel@browermillercole.com, both for Colliers Seeley
International, +1-949-509-6551
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