In Spring 2004 Janez learned through one of its relationships that the development of a coastal mixed-use condo project had stalled. Janez recognized that, if they could work closely with the Developer and City of Oceanside Redevelopment Officials, they could assume control of the project.

In order to meet project deadlines under a Development and Disposition Agreement with the City of Oceanside, Janez needed to understand the project and its feasibility, negotiate with the existing developer and consultants to take over the project and then finalize the construction drawings within an exceptionally condensed timeframe.

Understanding the market and recognizing the opportunity, Janez focused its resources and met the required deadlines and acquired City approval to proceed with the project.

Afterwards, Janez capitalized the transaction with attractive debt and reliable equity in order to commence construction.

In addition to residential units, Janez is offering retail and office space condominiumized for sale. Based on interest to date, Janez expects to realize a sale premium on the commercial space.

Scheduled to open in Fall 2007, the Oceanside Terraces condominium home community is a landmark $40 million mixed-use redevelopment project. Located three blocks from the Pacific Ocean, the architecturally sophisticated, six-story project will feature 28,000 square feet retail and office space on floors one and two as well as 38,000 square feet of luxury condominiums on floors three through six all with secured underground parking. The condominium homes will include semi-custom two and three bedroom single-level floor plans, ranging in size from 1,600 square feet to 2,600 square feet with most homes featuring dramatic ocean and horizon views. Oceanside Terraces is located in the city of Oceanside's nine-block urban redevelopment area and is the city's first approved mixed-use project with an office component.