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NEWS RELEASE
Contact: Raymond J. Pacini
Chief Executive Officer
California Coastal Communities, Inc.
949-250-7781
CALC FILES LITIGATION CHALLENGING COASTAL COMMISSION'S
NOVEMBER 2000 PLAN FOR BOLSA CHICA
IRVINE, California, January 12, 2001 -- California Coastal Communities,
Inc. (NASDAQ: "CALC") announced that its subsidiaries have filed a complaint in
Orange County Superior Court challenging the California Coastal Commission's
November 2000 suggested modifications to the County's Bolsa Chica Local Coastal
Program which would limit development to only 65 acres of the 230-acre Bolsa
Chica Mesa. The complaint includes causes of action for violation of the
Company's constitutional rights of equal protection and due process, and for a
taking of its property in contravention of the U.S. and California
Constitutions. The complaint alleges that the Coastal Commission arbitrarily
abandoned decades of prior approvals which would have permitted development on
the entire Bolsa Chica Mesa.
Due to the uncertainty of the litigation process, the Company cannot
predict how long it will take to pursue its claims, or the probability for
success.
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 208 acres on the
Bolsa Chica Mesa, which is adjacent to the Pacific Ocean and overlooks the Bolsa
Chica wetlands in Orange County, CA, along with an additional 142 acres at Bolsa
Chica. Hearthside Homes, Inc. completed the final phase of a 1,200 home
master-planned community in Aliso Viejo, CA in 2000, and is currently building
112 homes at the Company's Rancho San Pasqual master-planned golf course
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January 12, 2001 Page 2
community in Escondido, CA, 16 homes on five acres of the Bolsa Chica Mesa in
Huntington Beach, CA and 86 homes in the Chapman Heights master-planned
golf-course community in Yucaipa, CA.
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.
