MonteCedro, the $200 million retirement community complex that was to occupy the site of the former Scripps Home, has been put on hold indefinitely, according to the owners, the Episcopal Home Communities.
Last week, this letter went out to potential residents of the complex:
February 12, 2009
Dear Friends of MonteCedro,
For the past thirty months The Episcopal Home Communities has been moving forward to bring a new continuing care retirement community, MonteCedro, to the San Gabriel Valley. At the time we began, the housing market was strong and financing was readily available at good interest rates. As you all know, both of those circumstances have changed dramatically. Housing prices, upon which we based the project’s financial and marketing feasibility, have fallen at least twenty-five percent in our area. Financing is virtually frozen and, if we could even obtain it, is at rates that make the project unaffordable. Consequently, and with great regret, we must share the news with you that management, in consultation with our Board of Directors, has decided to postpone the MonteCedro project indefinitely.
We have the privilege of owning three great retirement communities and our first obligation is to keep the overall organization strong. To proceed with the MonteCedro project in these uncertain economic times would not be an exercise of good financial stewardship.
A number of you have given us a priority reservation deposit. We have already requested our escrow agent, Union Bank of California, to release them. We will return them to you as soon as we receive them.
We would like to remain a resource to you as you seek to plan for your retirement. Please call us if you would like to discuss opportunities at any of our three communities, The Canterbury in Rancho Palos Verdes, The Covington in Aliso Viejo, and Scripps Kensington in Alhambra. We have enjoyed the opportunity to meet you and have so appreciated your enthusiasm and support during the pre-marketing of MonteCedro. We know it would have been a tremendous community, had the time been right for its development. We continue to wish you well and we will stay in touch if the situation changes for MonteCedro.
Sincerely yours,
Martha L. Tamburrano
President & CEO
Dear Friends of MonteCedro,
For the past thirty months The Episcopal Home Communities has been moving forward to bring a new continuing care retirement community, MonteCedro, to the San Gabriel Valley. At the time we began, the housing market was strong and financing was readily available at good interest rates. As you all know, both of those circumstances have changed dramatically. Housing prices, upon which we based the project’s financial and marketing feasibility, have fallen at least twenty-five percent in our area. Financing is virtually frozen and, if we could even obtain it, is at rates that make the project unaffordable. Consequently, and with great regret, we must share the news with you that management, in consultation with our Board of Directors, has decided to postpone the MonteCedro project indefinitely.
We have the privilege of owning three great retirement communities and our first obligation is to keep the overall organization strong. To proceed with the MonteCedro project in these uncertain economic times would not be an exercise of good financial stewardship.
A number of you have given us a priority reservation deposit. We have already requested our escrow agent, Union Bank of California, to release them. We will return them to you as soon as we receive them.
We would like to remain a resource to you as you seek to plan for your retirement. Please call us if you would like to discuss opportunities at any of our three communities, The Canterbury in Rancho Palos Verdes, The Covington in Aliso Viejo, and Scripps Kensington in Alhambra. We have enjoyed the opportunity to meet you and have so appreciated your enthusiasm and support during the pre-marketing of MonteCedro. We know it would have been a tremendous community, had the time been right for its development. We continue to wish you well and we will stay in touch if the situation changes for MonteCedro.
Sincerely yours,
Martha L. Tamburrano
President & CEO
Episcopal Homes' director of sales Peggy Buchanan told Altadenablog, "I’m very sad about it -- it was a fabulous project .. the folks who are interested in it are very disappointed." She said that the final entitlements from the county to complete the project would probably come through in March and that sprinklers had just been installed on the property. For now, she said, Episocpal Home Communities still owns the vacant property and will continue to maintain it.
