Koll, Firm Sever Ties
Developer Donald M. Koll completed his move Thursday to sever ties with Koll Real Estate Group Inc., developer of a controversial housing project at the Bolsa Chica wetlands near Huntington Beach.
Koll and a financial backer acquired the commercial operations of Koll Real Estate for $33.4 million plus the assumption of debt.
Newport Beach-based Koll Real Estate, which will continue with plans to develop the 1,235-home project on a mesa above the coastal marshes, will change its name to California Coastal Communities Inc. It will apply to securities officials to change its trading symbol to CALC.
Koll and Richard M. Ortwein, former president of Koll Real Estate, formed a private company, Koll Development Co. LLC, to oversee the commercial business, which has 100 employees and more than 40 office, industrial and commercial projects under development.
Koll Development teamed up with Northstar Capital Investment Corp., a New York-based real-estate investment trust that has invested in other Koll deals.
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