NEW ORLEANS-In a mystery play, Cal-Bay International Inc. has inked a letter of intent to pick up the play for a $400-million, mixed-use project in southern Louisiana. The land is slated to change hands within 30 days--and that's when Cal-Bay will be willing to talk about location and more about the plan.
Roger Pawson, Cal-Bay president, CEO and chairman, tells GlobeSt.com that the strict confidentiality clause has locked down details until the land is in hand for a project that has already begun. All he will say at this point is the golf-course development will be the Carlsbad, CA-based developer's first undertaking in Louisiana and its largest to date. In late 2005, Cal-Bay reorganized to focus on residential and mixed-use developments. It has land holdings and projects in Florida, Nevada, Texas, Utah and its home state, including real estate along Ninth Street in San Francisco.
According to a Cal-Bay press release, the proposed development will have 600 to 1,000 single-family lots, 10-acre retail component and six-acre recreational area to complement the golf course anchor. Pawson says the land is fully entitled, engineering complete and building permits approved. Build-out is slated to take three years. In the release, Pawson says talks are under way with one of the nation's top retail developers.
Cal-Bay says the development is projected to yield $400 million sales, netting more than $100 million for the company. The Cal-Bay release reports all funding has been secured.
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