Bakewell to move forward
Word is the Bakewell Company had been notified by Century Housing prior to Monday night's council meeting that its financial partner was backing out, but the company broke their silence this evening:
Joint Statement Regarding Tom Scott Villages @ Heritage SquareThis statement is presented jointly on behalf of The Bakewell/Century Housing Partnership (The Bakewell Company of California, LLC & Century Housing Corporation).
On January 17, 2007 the partnership known as Bakewell/Century submitted a proposal to bring a first class mixed use development to the residents of Pasadena. Hundreds if not thousands of man hours have gone into insuring that this project would not only be good for the residents of the Northwest but also good for all of Pasadena and its residents. Throughout this process we have competed honorably and earnestly and with the best of intentions.
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However, since the time we began this process Century Housing and its Board of Directors have decided to take a look at its overall business strategy and have decided to move the company back to its original business practices and concentrate on providing financing for affordable housing rather than continue in the development business.
While the delays in this process have affected our decision not to go forward as part of the Heritage Square Development Team, this decision is part of a global restructuring of the company and in no way should be seen as a criticism of the City of Pasadena, our partners The Bakewell Company or this process in general. Although Century is withdrawing from other developments as well, we are confident that all of the projects we have been involved with will still be completed and these communities will ultimately be afforded the quality developments that are so desperately needed.
As for Tom Scott Villages @ Heritage Square specifically, it is our understanding that our partner The Bakewell Company intends to continue moving forward, working with city staff to define this development, work out the remaining financing issues and hopefully at the September 10th meeting enter into an exclusive negotiating rights agreement to bring this project to fruition. Furthermore, we have discussed with The Bakewell’s the possibility of Century remaining involved in the project on the financing side of the affordable housing units. While nothing is locked in at this point, given our new company direction, working with The Bakewell’s and their team on the financing remains a very real possibility for Century on this project.
Century Housing has committed to providing The Bakewell Team all of the information and resources that we have put together to date to continue moving this process forward and we wish everyone involved in this process the best of luck and trust that our withdrawing from the project does not hinder the continuing negotiations of bringing this desperately needed project to the residents of Northwest Pasadena.
From this point forward Danny J. Bakewell, Jr. – President and Chief Operating Officer of The Bakewell Company will be the contact person regarding this project and if there are any further question please feel free to contact him at (323) 291-6803.
Sincerely,
Century Housing Corporation &
The Bakewell Company
UNDER THE DOME
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