Residents of Petaluma, Calif., north of San Francisco, are hoping another developer will step forward to renovate its 1892 silk mill after 26 investors backed out of a condo project late last year.
Designed by San Francisco architect Charles Havens and renovated in 1922 by Brainerd Jones, the Georgian revival factory is on the market for $7.5 million. In October, the city stymied investors when it said that the project couldn't proceed until the city adopts a new general plan that addresses water conservation--probably sometime in April, according to the city's mayor, Pam Torliatt.
"It was a timing issue," Torliatt says. "The status of our general plan not only affected this development project; it has affected many development projects. We've been in a de facto building moratorium, and legally we weren't able to do anything."... Read More →