Arvida Cuts Back California Division

Arvida Co., the Florida-based development firm that has overseen marketing and development strategies at Coto de Caza for most of the past decade, has trimmed back its California division significantly in the past year.

As part of the reorganization, longtime California division President John Yelverton resigned Oct. 9.

He said in a brief interview Wednesday that he still works with Arvida as a consultant to its California division and is involved in efforts to find financing for the company’s 3,500-acre master-planned community, Talega, in San Clemente.

Development of Talega’s 4,965 homes, two golf courses and business park was put on hold late last year because of weak market conditions, but Yelverton said Wednesday that Arvida hopes to find financing and resume work sometime in 1993.

Yelverton and the three remaining Arvida California Division employees not involved with Coto de Caza work in a temporary modular office just outside Coto de Caza’s main gate.