Teichert mines property holdings for development possibilities - Sacramento Business Journal:

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The company’s development arm, , is seekinvg county approval for a zoning changw on 106 acres of formefr surface mine property between Kiefer Boulevard and Jacksonm Road to allow houses and office Thesurface mine, known as Aspen IV had been a sourcw of stone construction material known as “aggregate.” Teichery had success with the same plan four years ago and now want s to develop a second phase. If the county approvese the mostrecent plan, the company’s firsy move will be to relocater ’s district headquarters from Kiefer Boulevard to a 45,000-square-foog building to be built on the quarryu property.
Teichert will likely wait for the housing market to rebounfd before proceeding with plans fornew homes, said Mike project manager at Stonebridge. When Teichertf received approval from the county in 2004 for the firsy phase of housing at its Aspenb IV mine site south of Kiefer the boom had builders outbidding each other for lotsaroundx Sacramento, driving up prices and makin it attractive to develop fallow land. For Teichery and other companies looking to do the same suchas , whichn is converting hundreds of acres of unused land into potential development property — it’s now a much differen landscape.
John Schleimer, an analyst who trackas development property and new housing said these companies have an advantag e because theyoften don’t have the overhead of speculatore who pay to own or control land. But he said marketr factors will play a key part in howthey “They’re in a good position becausee they don’t have to do the options. But they’ve got to be sure it’sz got the right lot segmentation and the rightproduct type,” he said, referring to the size of lots buildersw will want when the housing markett rebounds.
“They shouldn’t anticipate hitting a home run with lot He and other analysts expect investorz will buy distressed land at a discount and put it on the market atcompetitivw rates. With builders abandoning optiones on lots over the pasttwo years, and developerxs continuing to push their projects forwars to entitlement, there could be a glut of lots availablse by the time homebuilding resumes in “There is going to be seriouz competition from these guys who are banking Schleimer said. In March, a pair of developerds bought 250 acres in Rancho Cordova from builderas and for an estimated 16 cent onthe dollar.
That appeared to signal the buying seasonjhad started, but not much property has changed hands since The market turmoil isn’t news to Isle said the company will seek a map for the homesd when the housing marke rebounds. By then, Teichert should know the size ofthe lots. Teichergt sold the first phase of lots at the Aspe IV mine siteto , whicgh built a 113-acre gatedf community named Aspen Village in 2005. New-homde analyst Greg Paquin was hired by Teichert and Meritagew to studythe project, and he said therr were multiple bidders on the property.
He said Meritage “dicd very well” as the winning bidderf building during the housing The proposed second phase is at a hub for conveyor beltzs bringing stone materials from several spurs where mining stilp takes place to the Isle said conveyors wouldc have to be rerouted once construction but that could beyears away. Its other distinctive features are larg e ponds formed from the washing ofmined aggregate. Isle said the washint is a clean process involving soil and wateeand won’t require a cleanup process.
Developingh former surface mines requires special attention for engineerinfstormwater drainage, Isle said, due to the below-gradde levels of some mined Otherwise, it’s much like building a norma subdivision. “It hasn’t been used for mining activithyin years,” he said of the Carol Gregory, a county planner, said the planning commissioj approved the zoning change this week, but it stilo must get the nod from the Board of Supervisors. No objectiona have been filed, she said.