Monterey Bay Shores Resort Faces New Financial and Compliance Issues

by via Sierra Club, Ventana Chapter

Tue, Dec 2, 2014 7:04PM

The Ventana Chapter of the Sierra Club is reporting that New York lenders Fourth Third LLC and Medley Capital are contesting in court that Monterey Bay Shores developer Ed Ghandour defaulted on a $29.5 million loan on June 15. The lenders have requested control of the property, which the court will decide on soon. Additionally, a November 14 letter written to Ghandour by the California Coastal Commission (CCC) cites deficiencies in compliance documents for the proposed Sand City mega-resort (see PDF).

Photo: The site proposed for Monterey Bay Shores in Sand City.

The Ventana Chapter stated: "Sierra Club and other environmental groups oppose the project on several grounds including the presence of Smith's blue butterfly, Monterey spineflower and potential risks to the rare coastal population of Western snowy plover which has been nesting on the site for years."

Background:

Plans for Monterey Bay Resort Deemed Deficient
https://www.indybay.org/newsitems/2014/09/12/18761539.php

Ventana Chapter of the Sierra Club
http://ventana.sierraclub.org/current/index.shtml

§November 14 CCC letter to Ed Ghandour

by via Sierra Club, Ventana Chapter

Tue, Dec 2, 2014 7:04PM