Home Builder Shifting to Commercial

Developer Harry L. Summers Inc., citing a “highly competitive” residential real estate market, will shift its focus from residential to commercial by selling off 124 undeveloped housing lots in Rancho Bernardo.

The company will “not immediately seek any new residential projects--we’ll focus on the commercial side,” according to George Latimer, executive vice president.

The “general residential market,” Latimer said, is “highly competitive, (and) our expertise has been on the building, process and development side.”

Other residential developments will not be affected by the company’s change in direction, said Latimer.

Summers is building 535 single-family and condominium units at sites in Encinitas, Cardiff and Poway. Commercial projects include the still-developing Plaza at La Jolla Village, which will eventually encompass 840,000 square feet, and Summers’ Governor Park.

“It’s not as if we’ve dropped off the face of the map,” Latimer said. “For the time being, we’re not (going) to compete with the myriad of people out there looking to buy land.”

Latimer said that “future circumstances” may call for the company to once again aggressively develop residential projects. Concurrent with the directional change, Summers’ vice president of residential development, Tom Harbrecht, has resigned. Ironically, it was Harbrecht who analyzed “alternative sites we might buy,” said Latimer. “After reviewing that, we made an informed decision and . . . chose not to be an aggressive (purchaser).”