Camarillo's five year plan to beautify its Old Town has unexpectedly been delayed by up to two years by Taft Corporation. They have plans to develop the Swedish Performance Auto Repair lot in Old Town Camarillo into a mixed use building. The lower level would house retail space while the upper level would include 10 townhouses.
Although Taft Corporation has received an overwhelming interest in the retail spaces, the corporation still feels uneasy with the sales of the residential real estate portion of the project. The corporation's hesitation is the result of the slow housing market that has affected the whole country. At this point the president of Taft Corporation has stated that they would rather wait for another two years than to build now and risk burdening their company.
The question that I would like to ask the President of Taft Corporation is what kind of guarantees is he giving the City of Camarillo that the housing market will improve in the next 2 years? What if the profit his company was expecting to gain falls farther down the chart in the next 2 years?
It amazes me that Taft Corporation and their profit are going to delay our city's plan for Old Town Camarillo.
Source: The Camarillo Acorn
Picture Courtesy of City of Camarillo's Official Website.
Serving Camarillo, Oxnard, Thousand Oaks, and Ventura, CA. My way of doing business is to think of my relationship with a client as a long-term association and not just a "deal".
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Sometimes these things take on a life of their own. Can be frustrating.
What an informative post for consumers in your area. I am interested in knowing the responses to the questions you posed and how this will turn out.
This is just one example of how the housing market has had an affect on every other part of the economy. Good post Mana.
Bob & Carolin; this project is starting to get frustrating.
Kimberley, Thank you. Me too.
Joanne, Thank you, the housing market is slowing down everything, even a doctor's paycheck!!!
Mana - even in a slow market I would think they could manage to sell 10 units. Especially in a mixed use building. But then the residential portion of ABQ Uptown hasn't started yet and it was suppose to be completed this year. This is a bigger issue if it is going on nationally.
Good Job sharing the information of WHY it's paused. You've answered questions that may arise in advance. That's why you're the best realtor in Camarillo, CA hands down!
Mana, developers have the patience of Job, I'm sure it will come together and it sounds like it would be a fun place to live......history plus new houses, condo's .
Ashley, My understanding is the 2 bedroom 1400sqft condos were going to be marketed for around $600-$650K, now that is a bit high for this market even for Camarillo, California.
Susie, Thank you for your kind words.
Missy, You are right, no doubt it would be a great place to live once it is built.
Mana - sure seems like Camarillo is on the verge of some big growth - keep us posted as new things develop
Cyndee, I sure will. Camarillo Is changing every day.
Mana - 2 year delay? a lot can change in 2 years... keep us posted
Thesa, No one knows where the market is going to be in 2 years.
Mana,
We had a developer come in three years ago promising a fancy mixed use development with shopping, restaurants, and housing. They kept changing things around and still haven't moved one shovel of dirt.
I hope this project works out for this developer or another as it sounds like it will revitalize a downtown area.
Mana - No one can guarantee the market in two years. Sounds like they were expecting to charge BIG for the residential portion of this concept and now feel it may not happen. What WILL happen if they do nothing for two years? They may lose more.......
Mana, it is ridiculous that the needs of a developer come before the needs of the citizens. Hope Camarillo realizes that at some point!
Rita, I hope both of our developers get going soon.
Paula, They probably will lose more if the market continues to stay the way it is.
Chris, I hope so too!!
Mana - This probably answers alot of questions for those in Camarillo. Two years seems like a long time to delay this project. I have confidence that the market will turn around faster than 2 years. I guess Taft Corporation may not.
Mana, I agree with what some other have said...it is amazing how the slow market in some areas has affected the economy in general. 2 years seems like a long time...what difference would it make?
I don't get it. Great post about Camarillo! I too am interested in how other residents feel about the subject.
Kim, I talked to a developer yesterday and a lot of them are hurting. They profited while the market was good and now they are selling their personal assets.
Stephanie, Camarillo residents are upset, they would like to see this 5 year project done and finished with.