Pearce splits from Dalidio project
August 14, 2013
Problems of an unspecified nature between principals in the planned development of Dalidio Ranch caused Madonna Enterprises’ Clint Pearce to walk from the project, informed sources have told CalCoastNews.
Pearce and developer Gary Grossman previously had announced plans for a multifaceted project incorporating housing and commercial structures on the property, now in escrow for the $19.7 million sale. Pearce was to have been responsible for retail development of the site.
Grossman said he will continue alone, but suggested he might look for a partner at a later date.
The pair differed on their concept of the plan, said sources familiar with the situation, who also noted that the proposed project might require more capital investment than Pearce was willing to commit.
Grossman wanted to include high-end retail in the new development, but Pearce was quoted recently as saying the plans did not include that, and instead was intending to incorporate “affordable” retail outlets.
Grossman is still considering a high-end outlet.
As currently envisioned, the 130-acre parcel would support 500 residential structures and commercial space, and maintaining some farmland and open space.