It’s referred to as the Ventura Laboratory. Late ’70s to ’90s, residents of major Ventura County cities elected officials, passed laws to effect smart growth—SOAR initiatives, “save open space and agricultural resources.”
Reason Foundation published a white paper in 2001 that “lessons learned from the ‘laboratory of Ventura County’… could be valuable for cities and counties across the U.S. that are wrestling with growth management.”
Seventeen years later, we note US Dept. of Labor reported first time since 2000, more job openings than job seekers … while Ventura is in its third year of a recession. Cal Lutheran report pegged 2016 Ventura GDP at -2.7%.
“Growth policies are fine,” Emile Haddad told Real Estate Editor Mark Mueller and me in a wide-ranging discussion last week at HQ of FivePoint Holdings (NYSE: FPH), where he’s chairman and CEO.
“But make policy based on education. Ventura’s economy today is below Haiti’s.”
Haddad is more concerned about the broader economy, new economy. “Example, a driverless car is around the corner. My biggest fear is it won’t happen here in the U.S.” The developer puts his time where his sentiments are—involved at three universities, UC-Irvine; chairman, USC’s Lusk Center for Real Estate; trustee at Chapman University. “I’m not doing those things to go to meetings,” he said after he’d spent the morning dropping knowledge on FivePoint’s summer interns class of about 20. “We need to help them find the right path.” (See Mark’s story on the cemetery vote’s impact on Great Park Neighborhood plans and some unique elements envisioned for the build-out, p. 3).
Carl Icahn joins David Tepper with stake in Allergan (NYSE: AGN), newest ‘Barbarians at Fort Botox’ play, but familiar playbook.
“Wait till bad news is done, Restasis, Teva, pressure the board to divest,” one sharpie told me. “Individual assets divested are worth more than current valuation … financial management versus business management.”
If the board doesn’t agree? “They’ll put their own people on the board.”
Heady times for local convention and exhibitor business. “First six months, best we’ve ever had,” said president and CEO of Visit Anaheim, Jay Burress. “Larger shows, simultaneous shows … He and colleagues in DC last week advocating to ensure shows go on … concerns include security. “We’re a soft target,” Burress said, “even Downtown Disney, you go through security.”
“Conventions by nature are welcome and open,” said Julie Smith, SVP exhibition sales, Cypress office of GES, $1B unit of Viad Corp. “World is a different place now.” International visitors also on agenda; Burress cites 10,000-person group committed to Anaheim … half turned down on visas.
