Investor Relations
California Coastal Communities, Inc. is a residential land development and homebuilding company with properties owned or controlled in five Southern California counties (Los Angeles, Orange, Riverside, San Bernardino, and Ventura). Our principal activities include:
obtaining zoning and other entitlements for land we own or control through purchase options or joint ventures;
improving the land for residential development; and
designing, constructing and selling single-family homes in Southern California. The majority of our homes are designed to appeal to move-up homebuyers and are generally offered for sale in advance of their construction.
Our two largest assets are the "Brightwater" project in Huntington Beach and the "SouthShore" project in Oxnard. Both of these projects have required our entitlement expertise to navigate the difficult regulatory environment in California in order to obtain the necessary development permits.
The Brightwater project is one of the last large undeveloped coastal properties in Southern California, and is located in Orange County, approximately 35 miles south of downtown Los Angeles. Brightwater overlooks 120 acres of publicly-owned open space on the Bolsa Chica Mesa, the Pacific Ocean and the 1,200-acre Bolsa Chica wetlands. We obtained a coastal development permit for Brightwater from the California Coastal Commission in December 2005. This 356-home community offers a broad mix of single-family homes averaging 2,850 square feet and ranging in size from 1,710 square feet to 4,090 square feet. We completed grading Brightwater during October 2006, began building model homes in December 2006 and began selling homes during the Summer of 2007.
At SouthShore we have two option agreements to acquire a total of 168 acres upon completion of the entitlement process, which we are striving to complete by the end of 2008. We are processing a development plan for approximately 760 single-family detached homes and 630 attached residential units (townhomes, condominiums, and apartments) on a 300-acre site. Approximately 347 of the single-family homes and approximately 500 of the attached units would be developed on the 168 acres of optioned land that we expect to purchase. The single-family detached homes are expected to range from approximately 1,700 square feet to 3,000 square feet and the attached units are expected to range from approximately 1,450 square feet to 1,575 square feet.
Our homebuilding subsidiary, Hearthside Homes, Inc. (www.hearthside-homes.com) has delivered over 2,000 homes to families throughout Southern California since its formation in 1994.
We are publicly-traded on NASDAQ under the symbol CALC, with an equity market capitalization of $233 million as of 12/31/06. We paid a special dividend of $12.50 per share, totaling $136 million, in September 2006. The special dividend was funded primarily by a $125 million term loan, which provided us with an opportunity to unlock some of the value of our Brightwater property and return capital to our stockholders on a tax efficient basis.
Recent Releases:
Nov 7, 2008
California Coastal Communities, Inc. Reports Third Quarter Results
Sep 30, 2008
CALC Announces Completion of Amendments to $210 Million Credit Facilities
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Events
May 20, 2008
JMP Securities Research Conference
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