Black Mountain Project on Hold as Developer Bellies Up.
November 28, 2023
Veev Closes Its Doors.
The oft-discussed and controversial plan to convert the old Black Mountain Water property at 808 Alameda de Las Pulgas into 87 luxury condominiums took another strange turn today when the developer of the property announced today that they are shutting down operations due to their lack of ability to obtain funding that was necessary to continue operations.
Veev, the owner of the acreage and the lead developer, just received final approval in May of this year from the City of San Carlos to proceed with development of the 11.4 acre site, so this announcement is somewhat of a surprise to those no privy to the day-to-day details. But considering that no apparent work has taken place at the site in the 6 months since the approval, this shouldn't come as a surprise after all.
If you've lived in San Carlos for more than 5 years, you'll likely remember the contentious ballot initiative that attempted to preserve this parcel and an adjacent parcel as a public park, but the Measure failed on election day, thus opening the door for this massive development plan.
According to the article, Veev will be liquidating all of its assets much like a bankruptcy proceeding, so the 11.4 acres they own will likely be sold to another entity. According to the City of San Carlos, the new owner would have the option to develop the property per the approved plans, or they can request changes. Depending on the extent of the changes, it may require review by the Planning and Transportation Commission which would obviously delay the development even further.
At the time of this post, there have been no inquiries from interested developers to take over the project. So much to delight of the homeowners whose properties border the 11 acre parcel, it appears that it's going to remain open space for the forseeable future.