In its letter submitted to county officials Thursday, DMB
attributed the decision to withdraw its El Rancho San Benito
project application to an
”
extraordinary confluence of economic factors,
”
and the company in a separate letter published on its Web site
mentioned concerns over the future of state funding toward highway
improvements.
For a timeline of events and story archive on DMB’s pursuit of El Rancho San Benito, go here.
HOLLISTER
In its letter submitted to county officials Thursday, DMB attributed the decision to withdraw its El Rancho San Benito project application to an “extraordinary confluence of economic factors,” and the company in a separate letter published on its Web site mentioned concerns over the future of state funding toward highway improvements.
DMB informed San Benito County officials Thursday the company has officially withdrawn its proposal for the 6,800-unit development northwest of Hollister off Highway 25.
“Pursuant to our conversation, we regret to inform you that an extraordinary confluence of factors have caused our team to reassess the possibilities and business strategy for the El Rancho San Benito property,” according to the letter sent to county officials.
In the same document, though, DMB also indicated the company has not ruled out the possibility of still using the land it owns down the line.
“We look forward to a time when economic conditions recover to a point where we can again consider a project on the property,” according to the document.
The letter published Thursday night on the local DMB office’s Web site more specifically addresses the issue of transportation improvements in the area along Highway 25 and Highway 101.
“Unfortunately,” the letter reads, “El Rancho San Benito (ERSB) has been particularly impacted by an extraordinary confluence of economic factors. Among several other project specific issues, the State’s budget woes are anticipated to significantly reduce state and county transportation improvement resources that are essential for ERSB to move forward.
“These unprecedented economic times have caused the ERSB team to reassess the possibilities and business strategy for the property. At this time, we have decided to withdraw our existing project application from San Benito County and will be entering a period of reevaluation of the plan for the property. In the coming weeks, we will be thoughtfully managing our operations in Hollister as we prepare for decreased activity related to our project. In the meantime, the land will continue to operate in its current agricultural capacities.”
Look back shortly to www.freelancenews.com for more on this breaking story.
