Seeking to Expand, Del Webb Taps Costa Mesa Developers : Builders: The Phoenix-based builder of senior communities hires top officials of the Meeker Cos. to help it enter Southland housing market.
Del Webb Corp., the nation’s largest developer of housing for senior citizens, has hired the top executives at the Meeker Cos., a longtime Costa Mesa builder, to help it enter the Southern California housing market.
Del Webb, known for large senior housing communities such as the 1,575-acre Sun City development in Palm Springs, with homes marketed to buyers 55 and older, has long been considering a move into the Southland’s conventional single-family home market.
In an unusual move, Del Webb is not acquiring any assets of Meeker but is hiring the company’s top executives for an undisclosed amount to run a new company called Del Webb’s Meeker Homes, said Ken Plonski, a spokesman for the Phoenix-based developer.
Del Webb announced Wednesday that it had hired George Meeker Jr. to be president and chief executive officer of the new subsidiary; Peter Kuchinsky, vice president of operations; Dennis Bacopulo, vice president of sales; and Steve Enochs, vice president of finance.
Meeker Cos., which was established by George R. Meeker Sr. in 1955, has built more than 17,000 homes in California, including ones at the Pamilla development in Aliso Viejo. George Meeker Jr., who was not available Wednesday for comment, joined his father’s firm, Meeker Development Co., in 1975.
“This move is a builder’s dream. George has been a small builder, and under these market conditions it’s a struggle to compete,” said John Shumway, president of Market Profiles, a Costa Mesa real estate consulting firm. “You have to get financing, and it’s hard to complete with larger companies. To have someone of Del Webb’s stature absorb you, it takes all the weight off their shoulders.”
Shumway said Meeker has no current housing projects in Orange County.
A builder of homes ranging in price from $190,000 to $490,000, Meeker has developed projects throughout Southern California, including in Westlake Village, south Orange County and in San Diego County.
A Meeker subsidiary will continue operating in order to complete two developments: an 80-home project in Vista, with 25 homes left to build, and a 120-home project that is half completed in Thousand Oaks, a spokesman said.
After the two projects are completed, the Meeker Cos. would be “fully integrated” into the new subsidiary, said Del Webb spokesman Plonski.
“We have observed a continuing improvement in the Southern California housing market and believe that our association with George Meeker and his team combines the local market experience and financial resources necessary to compete very effectively in this marketplace,” said Phil Dion, CEO of Del Webb.
He said the company is evaluating several locations in Orange, Los Angeles, Ventura, Riverside, San Bernardino and San Diego counties. They could begin selling homes the end of the year.
For fiscal year 1993, Del Webb reported earnings of $24.5 million on revenue of $391 million. The company is ranked as the 21st-largest home builder in the United States. It sold about 3,000 homes last year.
