Camarillo's five year plan to beautify its Old Town has unexpectedly been delayed by up to two years by Taft Corporation. They have plans to develop the Swedish Performance Auto Repair lot in Old Town Camarillo into a mixed use building. The lower level would house retail space while the upper level would include 10 townhouses.
Although Taft Corporation has received an overwhelming interest in the retail spaces, the corporation still feels uneasy with the sales of the residential real estate portion of the project. The corporation's hesitation is the result of the slow housing market that has affected the whole country. At this point the president of Taft Corporation has stated that they would rather wait for another two years than to build now and risk burdening their company.
The question that I would like to ask the President of Taft Corporation is what kind of guarantees is he giving the City of Camarillo that the housing market will improve in the next 2 years? What if the profit his company was expecting to gain falls farther down the chart in the next 2 years?
It amazes me that Taft Corporation and their profit are going to delay our city's plan for Old Town Camarillo.
Source: The Camarillo Acorn
Picture Courtesy of City of Camarillo's Official Website.
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