Bolsa Chica Developer Breaks Even in First Quarter
California Coastal Communities, developer of the controversial housing project at the Bolsa Chica wetlands near Huntington Beach, said it broke even for the first quarter.
The Newport Beach company, formerly known as Koll Real Estate Group, said its income from discontinued operations was offset by general and administrative expenses.
The company said it does not expect to report any significant revenue for the remainder of 1998 because of litigation delays involving the proposed 1,235-home development.
On April 30, the company completed the sale of its commercial development business for $33.4 million to a new private company, Koll Development Co., headed by developer Donald M. Koll.
For the 1997 first quarter, the company lost $4.9 million primarily due to noncash interest expenses. Revenue totaled $400,000 for the first quarter of 1998, which came from the sale of an industrial building in Naples, Fla. That compares with revenue of $28.9 million for the corresponding period of 1997, which included the sale of the company’s 880-acre Bolsa Chica lowlands to the State of California for $25 million.
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