Local developers plan to purchase Dalidio Ranch
July 22, 2013
Clint Pearce of Madonna Enterprises and Gary Grossman of Coastal Community Builders are in escrow to buy Ernie Dalidio’s 131-acre ranch adjacent to Highway 101 near Madonna Road in San Luis Obispo. [Tribune]
After battling opponents of his project for more than 20 years, Daldio listed the property for sale at $19,750,000.
In 2006, San Luis Obispo County voters approved Measure J entitling the property to uses including 530,000 square feet of commercial/retail, 198,000 square feet of business/office, 60 residential units, an organic farm and farmer’s market and sports fields.
The property lies within San Luis Obispo city boundaries, but it is unincorporated. The prospective owners are expected to try to have it annexed into the city.
Pearce and Grossman said they plan to focus more on residential then the commercial uses approved by voters. However, the plans approved by Measure J do not allow the developers the ability to make major changes.
Pearce told the Tribune that they may not be required to help fund a previously required interchange at Prado Road if they increase the number of housing units and lower commercial space.
The escrow is slated to close in October.