East Coast Developer "Steals" Quarry

Published shortly after Peebles purchased the Quarry.

What we are looking at is single-family homes, a luxury hotel, some condominiums and some retail on a portion of the site close to the main streets,” Peebles says.

Peebles says the hotel will have 200 to 300 rooms and there will be about 300 units of housing, about half single-family and half multifamily (most likely condominiums). The single-family homes will sell for between $3 million and $8 million, he says.

That raises an interesting question: who in Pacifica can afford a house starting at $3 million?

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.

Bottoms' estate wanted to get rid of the property, basically.

Peebles says the property abuts a public golf course that is owned and operated by the City of San Francisco. “We are going to work with the City of Pacifica to obtain a management contract and restore the course and use it as more of an attraction to the area,” Peebles says. “It’s a beautiful course that runs right along the Pacific Ocean.”

Is Peebles going to make a bid to buy the golf course next? At the "Charrette" he made mention of wanting to turn the old archery range into a driving range. Sounds like he's dreaming of Pebble Beach. Wouldn't that be a great asset to the city? Not really:

Technically, Pebble Beach is not a city at all, but a corporation, as it is owned by the Pebble Beach Company, although managed as a small town. Residents therefore pay homeowners' fees in lieu of city property taxes.

Another link to the article is here.