State asks about buying Ahmanson, developer says talks are premature








State asks about buying Ahmanson, developer says talks are premature




Washington Mutual confirmed Tuesday that talks are underway with state officials regarding a possible sale of the Ahmanson Ranch development. The state would convert the property into protected open space or use it for the public good.


Washington Mutual and former ranch owner Home Savings of America have maintained for more than a decade that the 2,800-acre site in eastern Ventura County, north of Calabasas, is not for sale.


Several weeks ago, however, California Resources Agency Secretary Mary Nichols approached the developer about a possible transaction that would turn the open cattle ranch into public parkland.


Pressure to sell also has come from an organization of opponents fronted by Hollywood celebrities, and state and national politicians. "Ahmanson Ranch is located within California, which is Washington Mutual’s largest depository state, and out of respect for the state of California and the Secretary of Resources, we are obliged to sit down and listen, but there is no agreement, there is no deal," said Washington Mutual spokesperson Adrian Rodriguez said.


It’s the first time a state agency has approached the bank about the sale of the property, Rodriguez said.


"We certainly commend the bank for coming to the table and opening a dialogue with the state about a potential acquisition," said Chad Griffin, campaign manager for Rally to Save Ahmanson Ranch.


The developer has already committed more than 10,000 acres of open space as part of its 1992 development agreement with Ventura County. A company official said another 900 acres would be turned into open space, according to terms of the Ahmanson Ranch specific plan.


The developed portion would include two golf courses, a commercial retail center and 3,050 homes. Groundbreaking is slated for next year.


"We have no intention to sell the remaining portion of the ranch," said Washington Mutual’s Tim McGarry in a 2001 interview with The Acorn. "We’re going to build homes for 3,000 California families."


The Ventura County Board of Supervisors approved the first 715 homes last December, but several surrounding communities responded with an immediate lawsuit—one of more than a dozen legal actions that have been filed over the years concerning issues of land use, water rights, plant and animal protection, and traffic.


"The Ahmanson Ranch constitutes a key piece in preserving biological diversity—including threatened and endangered species—in the Santa Monica Mountains," Nichols said in a statement


"Up until now, Washington Mutual has been adamantly opposed to the possibility of a sale of their property," she said. "I am heartened to see that my overtures to them have sparked an interest in a possible sale. If they do agree to sell, the state will carefully analyze the terms to protect the interests of the public."


Any deal would hinge on setting an accurate price for the property, experts say. Although the developer has received county entitlements, it still needs a permit from the U.S. Army Corps of Engineers to fill in about four acres of Las Virgenes Creek for golf course construction.


Permits also must come from the California Department of Fish and Game and the Los Angeles County Planning Commission for the removal of oak trees along Thousand Oaks Boulevard. Washington Mutual has sued the county over delays in obtaining an oak tree permit.


When completed, the project could be worth $2 billion, according to some estimates, although the raw land today is worth far less.


Passage of Proposition 50 by voters last year provided $300 million to purchase parkland and wildlife habitat, but given the state’s budget crunch, it might not be enough.


Proponents of the sale remain hopeful, however.


"I am completely confident that the money is there at the state level with Prop. 50," Griffin said.


"It’s in the best interest of the people of Southern California, the environment and Washington Mutual Bank for the bank to come to the table and sell Ahmanson Ranch to a conservancy to forever preserve it as open space," he said.


"We are a long way off from a deal with the state of California if that ever comes to fruition at all," Rodriguez said. At this point, it’s just very premature."





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