Irvine’s California Coastal Communities Inc., which has faced shareholder calls to sell the company or its land at Bolsa Chica in Huntington Beach, lifted a 5% cap on ownership of its shares on Monday.
The company’s board said the restriction no longer is needed for tax benefits for loss carryovers.
California Coastal owns 110 acres at the Bolsa Chica mesa, where building is under way of 356 homes.
Two shareholders, Mercury Real Estate Advisors LLC and Mellon HB Alternative Strategies LLC, have taken issue with the company’s plans for Bolsa Chica, saying the land would be more valuable if California Coastal sold the development rights to a bigger developer.
