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EXHIBIT 99.1
NEWS RELEASE
Contact: Raymond J. Pacini Lucy Dunn
Chief Executive Officer Executive Vice President
California Coastal Communities, Inc. Hearthside Homes, Inc.
949-250-7781 949-250-7703
CALC ANNOUNCES COASTAL COMMISSION APPROVAL
OF STAFF'S PLAN FOR BOLSA CHICA
IRVINE, California, November 17, 2000 -- California Coastal
Communities, Inc. (NASDAQ: "CALC") announced that on November 16th, the
California Coastal Commission approved suggested modifications to the Bolsa
Chica Local Coastal Program ("LCP") which would allow development of a
residential community of up to 1,235 homes on approximately 65 acres of the
Bolsa Chica mesa.
The suggested modifications to the LCP must now go back to the Orange
County Board of Supervisors for their consideration. The Company is evaluating
its alternatives in light of the Commission's action.
The Company is a residential land development and homebuilding company
operating in Southern California. The Company's principal subsidiaries are
Signal Landmark and Hearthside Homes, Inc. Signal Landmark owns Warner Mesa, a
200-acre master-planned community adjacent to the Pacific Ocean and overlooking
the Bolsa Chica wetlands in Orange County, CA, along with an additional 150
acres at Bolsa Chica. Hearthside Homes, Inc. recently completed the final phase
of a 1,200 home master-planned community in Aliso Viejo, CA and is currently
building 112 homes at the Company's Rancho San Pasqual master-planned golf
course community in Escondido, CA, 16 homes on five acres of Warner Mesa in
Huntington Beach, CA and 86 homes in the Chapman Heights master-planned
golf-course community in Yucaipa, CA.
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November 17, 2000 Page 2
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995. Certain statements in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements.
