A big deal is going down in Pebble Beach, but for now, lips are sealed about who is involved. The 25 undeveloped lots along the fairways of Poppy Hills Golf Course have been purchased by a single developer, whose name will be not be made public until the deal closes escrow in the coming weeks.
“I think it’s important to not get into too much detail about the deal,” says Coldwell Banker’s Tim Allen, the properties’ listing agent. But Allen adds the developer is well-known and has an excellent reputation.
“[Pebble Beach Company] was very careful on who to work with on these lots,” he says. “They feel they found an excellent fit.”
The lots are part of the first phase of Pebble Beach Co.’s development plan, approved by the California Coastal Commission in 2012. That plan, touted as Pebble’s last-ever development, will include 90 new residential properties. The commission rejected the company’s original plan – which included a new golf course and nearly 1,000 new homes, and would have removed tens of thousands of trees – in 2007.
The 25 properties in escrow are part of 32 lots adjacent to Poppy Hills that were put on the market in February. The lots are about an acre in size and are listed at prices around $1 million each. Two of the 32 have sold to individual buyers.
The development comes as Pebble Beach Co. is under fire from some local residents upset about plans to build a 24-unit inclusionary housing complex in the Del Monte Forest. More than 700 trees would be removed by the project; some residents want the inclusionary project on a less impactful site.