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With New Owner, San Pedro's Ponte Vista Will Start from Scratch

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Well, at least the downturn is providing work for the herds of sheep and goats brought in to graze on the weeds at the stalled Ponte Vista site in San Pedro. But according to the Daily Breeze, the proposed project----which at one point was owned by Bob Bisno, who'd dreamed of a 2,300-unit development---has a new owner, who'll now start from scratch, and perhaps present ideas to the public in the next 2-4 months. Via the Breeze: "Mired in controversy since it was first proposed in 2005, Ponte Vista now has been hit hard by the plunging economy. It has already been through a few incarnations and now is about to present yet another.

Last week, it was announced that the project has been turned back over to its chief investor, iStar Financial Inc., which will again re-evaluate building and density plans for the site on Western Avenue....Gone is DLJ Real Estate Capital Partners, a subsidiary of Credit Suisse that took over the project after Bisno Development was bumped in December 2008." The last time there was a check of Ponte Vista was about a year ago, when DLJ Real Estate Capital Partners, a subsidiary of Credit Suisse Bank, was planning meetings with the public amid calls by City Councilwoman Janice Hahn to come up a smaller project. Meanwhile, the San Pedro Ponte Vista blog is just excited for a crumb of news: "FINALLY! More News About Ponte Vista and Rumor Control." Via the Breeze
· San Pedro's Ponte Vista back to square one; project returns to investor [Daily Breeze]
· Another Round for San Pedro's Ponte Vista [Curbed LA]