Coastside Wavecrest Sold to POST

The Wavecrest development has been debated for years by the City Council, Coastal Commission, environmentalists, and others. The development called for over 200 new homes and proposals for schools, retail shops, rec areas, etc. Two previous developers that built Ocean Colony tried to develop the area without success.

The issue came to rest this AM when the Kenmark Group (Ocean Colony Partners) sold the land to POST. Thus, this land will never be developed. It may end up as open space or parts could be made into a city or county park. In any event, there will be 200 fewer homes and no additional traffic.

Here is the press release:

The Peninsula Open Space Trust (POST) announced today that it has reached an agreement with the owners of Wavecrest to purchase the contentious site.

Wavecrest is a 216 acre property located at the southern end of Half Moon Bay, between Highway 1 and the ocean. “Wavecrest is a breathtaking window to the Pacific Ocean,” said Audrey Rust, president and CEO of POST, in the press release. “This agreement will help preserve the rural coastside character of the Half Moon Bay area for countless generations to come.”

“Economic considerations, environmental concerns and community input led the sellers to approach POST about purchasing this land,” Bruce Russell, CEO of Kenmark Real Estate Group and representative of the land’s sellers, said in the same release. “It’s the best plan for all parties involved, including the sellers, the city, residents and visitors. The community can enjoy the land for recreation today and in the years to come while protecting a unique natural environment.”