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Peebles Acquires 87 Acres for Luxury Oceanfront Development

PACIFICA, CA-Making its first West Coast acquisition, Peebles Atlantic Development Corp. plans to transform the former rock quarry here into a low-density mixed-use development with high-end residential and resort uses and an expected sellout of $1 billion.

By Brian K. Miller | Updated on August 23, 2005

PACIFICA, CA-Peebles Atlantic Development Corp. has acquired 87 acres of oceanfront here with plans to seek entitlements for a low-density, high-end mixed-use development. Plans for the former rock quarry located 15 minutes south of Downtown San Francisco include a luxury hotel, resort and residential uses with an expected sellout of nearly $1 billion.

The first step was acquiring the land, which PADC did using a $16.5-million non-recourse loan from North American Capital Advisors of Miami. NACA president Michael Browarnik says the financing represents 90% of the cost to acquire the land as well as all the predevelopment costs required to attain the necessary entitlements prior to breaking ground. The sale closed about 10 days ago.

PADC chief and business mogul R. Donahue Peebles tells GlobeSt.com he acquired the land for “just under $8 million,” which is a steal compared to the $20-million-plus he says Trammell Crow was under contract to pay for the property back in 2000. The seller in both instances was William F. Bottoms, who owned this and several other rock quarries.

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