Steven St. Clair, principal of Newport Beach-based St. Clair Co., says he changed his mind about developing the parcel after talking with conservationists and government wildlife agencies. The parcel has been appraised at $50 million, but St. Clair accepted only $40 million to help activists pull their funding together.
The California Department of Parks and Recreation will provide $4.7 million toward the purchase, the Wildlife Conservation Board will pay $4 million and the Wildlands Conservancy will contribute $2.5 million. Orange County will pay $1 million and redirect millions more in its mitigation fund toward the acquisition.
Additional funding will come from private donors and others. The deal was approved Friday by the state Public Works Board in Sacramento.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
