Pacific City, LEED, Little League, Angela Rocco DeCarlo, Paul Cross, Makar Development
Now that the dormant Pacific City project on Pacific Coast Highway is showing signs of life, it is all but certain that a prior $20-million promise of Pacific City for funding of a new senior center will not come to fruition. It should not be forgotten that Makar, the former owner of Pacific City, expended a considerable amount on non-LEED-certified design and engineering studies for the center. Is the city legally liable for those expenditures?
In this regard, the project initially was touted by some as being free to the city of Huntington Beach because it was to be built on five acres of city parkland with the building expenses to be absorbed by Makar. Underpinning the promise was an anticipated Makar obligation of $20 million in park fee obligations flowing from a project density of 516 condominium units. In the amazing world of corporate finance, the new owners of Pacific City will construct the same number of units, as apartments, and apparently will end up paying considerably less than $20 million and nothing at all until "final inspection" on a building-by-building basis.