Land Entitlement

The entitlement process, while arduous, is the most fundamental part of creating value for the underlying land asset. As an experienced land investor, we understand entitlement risk. When managed properly, the risks related to mapping and clearing environmental thresholds can be appropriately navigated, causing entitlements to be a question of “when” not “if”. In a jurisdiction with a relatively favorable, development friendly climate the entitlement premium and risk are lower because of higher potential supply. The highest premium and corresponding risk can be found in urban or coastal areas where growth is constrained by vocal opponents, making entitled land a truly precious commodity.

Our ability to close transactions on an unlevered basis enables us to move quickly and be creative when structuring our acquisitions. Because of our experience and expertise in the land business, we can consider acquisitions of parcels that are only partially entitled, unentitled or even have severe environmental challenges. Our team can quickly and thoroughly analyze and assess the complex issues involved in the acquisition of large land parcels.

Prior to forming WCHP, its principals founded and ran a major land development company in Southern California which entitled and delivered thousands of lots to public and private builders. Some of our major entitlement transactions are described below:

San Miguel Ranch – 750 acres in Chula Vista, California

The 750 acre master planned community is located in Chula Vista, California. The property was acquired from the REO department of a major bank. At acquisition it had a minimal level of entitlements. Working with the City of Chula Vista, County of San Diego, U.S. Department of Fish and Wildlife, California Department of Fish and Game, the U.S. Army Corp of Engineers, CalTrans, local government agencies and several community groups, Trimark was able to secure the entitlements for a community containing 1,046 detached homes, 339 condominiums, 29 acres of parks, a 10 acre commercial site, an elementary school and 244 acres of open space. The entitlements acquired included a Specific Plan, Tentative Tract maps and the formation of three separate Community Facilities Districts which issued public debt for the project. In addition, a multiparty agreement between the City of Chula Vista, County of San Diego, U.S. Department of Fish and Wildlife and the California Department of Fish & Game was negotiated to effect the habitat mitigation for the project. This agreement also involved directly brokering a settlement of a lawsuit between the California Native Plant Society and the U.S. Interior Department.

The Corona Valley – 300 acres in Corona, California

The project was in “the path of development” and included three dairies and was surrounded by both working dairies and agricultural uses. The property’s long term potential was recognized and it was acquired in 30 days. Management completed the entitlement effort of 1,240 residential lots, a 12 acre park, an elementary school and a 10 acre commercial site. Due to the previous agricultural uses Trimark worked closely with the County of Riverside to develop a Methane Remediation protocol which at the time of acquisition did not exist in the county.

51 Acres in Corona, California

The 51 acre site is located in the Eastvale area of Riverside County at the southeast corner of Harrison Avenue and Citrus Street. The site is accessed from four major freeways including State Highway 91 to the south, Interstate 15 to the east, State Highway 60, five miles north, and State Highway 71 three miles west. The site is close to the Corona Ranch retail shopping center located at McKinley Street and Highway 91, The Tyler Mall, located 10 miles southeast, and Ontario Mills Mall to the north at the intersection of Interstate 15 and Interstate 10.

The site was composed of three separate parcels (38 acres, 10 acres and 3 acres) which were acquired as vacant unimproved land that had been previously utilized for agricultural purposes. Management designed and obtained entitlements for 183 – 6,000 minimum square foot single family lots, which were segregated into two residential tracts of 92 and 91 lots, and a park. Management completed all engineering for the tracts and recorded the tract maps prior to selling the paper lots to merchant builders.

60 Acres in Corona, California

The 60 acre site is located in the Eastvale area of Riverside County and is north of Schleisman Road west of Archibald Avenue. The site is accessed from four major freeways including State Highway 91 to the south, Interstate 15 to the east, State Highway 60, five miles north, and State Highway 71 three miles west. The site was composed of two separate parcels (40 acres and 20 acres) which were acquired as vacant unimproved land. The 40 acre property had been used for agricultural purposes, and the 20 acre property was vacant over the western two-thirds with the remainder used for a wash pond for the adjoining dairy to the north. Management designed and obtained entitlements for 190 – 6,500 minimum square foot single family lots, which were segregated into two residential tracts of 96 and 94 lots. Management completed all engineering for the tracts and recorded the tract maps prior to selling the paper lots to merchant builders.

North Shore at Mandalay Bay – 90 Acres in Oxnard, California

Upon the acquisition of the property out of Bankruptcy Court, management successfully completed a very complex regimen of entitlement and regulatory approvals on this coastal parcel allowing the development of 292 single family detached homes. The property was formerly a dump site for oil well drilling waste materials, and thus, required approval of a Feasibility Study and Remedial Action Plan from the California Department of Toxic Substances Control. The property also required further approvals from: the City of Oxnard; the California Coastal Commission, the County of Ventura; the Environmental Protection Agency; the US Fish and Wildlife Service; the California Department of Fish and Game, the Regional Water Quality Control Board and numerous environmental groups including: the Sierra Club, the Native Plant Society and the Environmental Defense Center.