What empty lot?

One of the significant remaining pieces of undeveloped property in the Vineyard Estates neighborhood is the lot west of Ventura, just north of Corona. The LDS church owns it, and has it for sale by Grubb and Ellis (according to the sign). An offering period recently closed.

On Friday, 24 February 2006; Pat, Mike and I visited Jay Rembe of Infill Solutions, a successful bidder. Apparently, "success" is not what it once was. They made an offer on the property, but it was neither the highest, nor the lowest bid. What happens next is that each successful bidder, in order of value, is given the opportunity to put down earnest money and close the deal. Infill Solutions was at the front of the line on February 24, and had to decide shortly whether to fish or cut bait.

Jay Rembe wanted to talk to us to find out whether VENA was going to be supportive of their plans for development. They gave us a presentation including specifics of the subdivision of the properties and generalities about the architecture, so that we could get a sense of how they planned to develop it. We were shown pictures of other areas they have developed, and got a clearer idea of their work via a tour of their property across the street from their office, where they had a high-density set of office/residence properties for sale.

We are waiting to learn whether they have put down their earnest money.

Update on LDS land sale. Jay Rembe called on 3/22 and said that he got an extension on the contract for the land and will go for the Sector Plan amendment (zone change) from Institutional to Residential zoning.

Contacts
Infill Solutions, 723-B Silver Avenue, SW, Albuquerque, NM 87102
office: 505.242.1871, fax: 505.242.1872, web: http://www.infillsolutions.com
Jay Rembe, 505.453.7164, rembe@infillsolutions.com

Grubb & Ellis, 505.883.7676