Shifting Stories (Again)

One of the constants in the Peebles Corp's ownership of the Quarry property is the way the company's public statements constantly change. Another example of this recently appeared in the news.

A June 17, 2009 article by Julia Scott titled "Economy making it difficult to sell Pacifica quarry", quotes Peebles Corp Vice President Daniel Grimm:

"We'd like to sell it as quickly as possible," Grimm said. "At this point we want to maximize proceeds."

But in an article just 3 months ago, Grimm was quoted as saying:

“We love the property, it’s not a distressed situation,” he said. “If we don’t create the kind of demand we think it deserves we won’t sell it.”

It's hard to believe that the economic conditions for commercial developers has changed substantially since March. The reality is that it is a distressed situation; Peebles Corp's loan was for only 4 years and that 4 years is up this summer. And despite the company's claims, it has not made any progress towards development the property.

This is par for the course with Peebles Corp throughout its 4-year ownership of the quarry. Before it put the property up for sale, the company said that a new development proposal was forthcoming, and during the Measure L campaign Peebles himself said that he would propose a commercial-only development if the referendum failed. Neither promise was fulfilled, and in the end the company never submitted any type of development plan to the City.