Olson Co

Privately held Olson Co., a Seal Beach builder of affordable housing, said Thursday that it has sold a minority interest in the company to three major investors for an undisclosed price. Insurer Allstate Corp., the California Public Employees' Retirement System and Wells Fargo Co. made a joint stock purchase for their minority stake in Olson. Other details of the transaction were not disclosed.

Red-tiled and earth-toned, Camarillo is a sea of shopping centers, parking lots and walled-off subdivisions by a busy freeway--a prototypical Southern California suburb. So it's a surprise that California's busiest builder of high-density housing in blighted urban areas is applying his principles there.

Adding a new specialty, home builder Standard Pacific Corp. agreed Friday to buy the Olson Co., which builds small new-home projects in older cities. Olson will retain its name and keep its staff, which has many former city planners who are experts in the company's specialty of building in rundown areas, former industrial sites and cramped urban parcels. Stephen Olson, chairman of the Olson Co., will receive about $16 million in Standard Pacific stock for his Seal Beach company.

The Olson Co., a privately held builder of affordable housing, has sold a minority stake to three investors for an undisclosed price. The joint stock purchase was made recently by Allstate Insurance Co. of Illinois, Wells Fargo Bank of Minnesota and the California Public Employees' Retirement System pension fund (CalPers). Bolstered by the cash infusion, the Seal Beach home builder said it will expand its senior housing construction and build homes near transit lines in densely populated areas.

On a rundown block in Westminster, pristine stucco and wood homes are sprouting where a junk-filled storage yard and a concrete plant once stood. The new homes, the first in the area in a decade, are the latest project of the Olson Co., one of the few builders that specializes in revitalizing older urban areas. Instead of buying land in Orange County's master-planned communities and undeveloped areas, Olson looks to junkyards, vacant strip malls or former manufacturing sites.

Orange County home builders Standard Pacific Corp. and Olson Co. have called off their merger plans. Standard Pacific, based in Costa Mesa, had announced plans in February to acquire Seal Beach-based Olson, an urban home builder, for about $22.3 million in stock. The announcement on Wednesday gave no reason for calling off the deal.

Professional Builder magazine has honored Stephen Olson, whose Seal Beach-based Olson Co. specializes in building housing in already developed urban areas. In bestowing its Professional Achievement Award, the magazine praised Olson's "special touch" in balancing the interests of neighborhood groups, government and low- to moderate-income home buyers. Olson's work is influencing residential builders throughout Southern California, said Roy Diez, editorial director of Professional Builder.

Local officials held a groundbreaking ceremony last week for the city's first for-sale affordable housing development, hailing it as an opportunity for first-time buyers to own their own homes in the county's pricey real estate market. More than 200 families have already expressed an interest in buying townhomes at Heil Park, a 24-unit project targeted for buyers earning below the county's median income.

Housing for low-income residents would be constructed on a vacant lot at Birch Street and Laurel Avenue under a plan the city is advancing. Olson Co., a Seal Beach-based developer, has offered $900,000 to buy the 2.7-acre, city-owned parcel and build the housing. The amount was about $100,000 more than the city expected, and about $120,000 more than the next highest bidder, city officials said. A final price will be negotiated in coming weeks, city redevelopment manager Eric Nicoll said.

The City Council recently selected a Seal Beach development firm, the Olson Co., to build two residential housing projects for the 5-year-old Artists Village. Housing for resident artists is considered by city officials to be the final piece to the downtown artist colony puzzle. "The city has been very successful in recruiting artists to the village," said Charles View, Santa Ana's downtown development manager.

Privately held Olson Co., a Seal Beach builder of affordable housing, said Thursday that it has sold a minority interest in the company to three major investors for an undisclosed price. Insurer Allstate Corp., the California Public Employees' Retirement System and Wells Fargo Co. made a joint stock purchase for their minority stake in Olson. Other details of the transaction were not disclosed.

The City Council recently selected a Seal Beach development firm, the Olson Co., to build two residential housing projects for the 5-year-old Artists Village. Housing for resident artists is considered by city officials to be the final piece to the downtown artist colony puzzle. "The city has been very successful in recruiting artists to the village," said Charles View, Santa Ana's downtown development manager.

Orange County home builders Standard Pacific Corp. and Olson Co. have called off their merger plans. Standard Pacific, based in Costa Mesa, had announced plans in February to acquire Seal Beach-based Olson, an urban home builder, for about $22.3 million in stock. The announcement on Wednesday gave no reason for calling off the deal.

Adding a new specialty, home builder Standard Pacific Corp. agreed Friday to buy the Olson Co., which builds small new-home projects in older cities. Olson will retain its name and keep its staff, which has many former city planners who are experts in the company's specialty of building in rundown areas, former industrial sites and cramped urban parcels. Stephen Olson, chairman of the Olson Co., will receive about $16 million in Standard Pacific stock for his Seal Beach company.

Professional Builder magazine has honored Stephen Olson, whose Seal Beach-based Olson Co. specializes in building housing in already developed urban areas. In bestowing its Professional Achievement Award, the magazine praised Olson's "special touch" in balancing the interests of neighborhood groups, government and low- to moderate-income home buyers. Olson's work is influencing residential builders throughout Southern California, said Roy Diez, editorial director of Professional Builder.

On a rundown block in Westminster, pristine stucco and wood homes are sprouting where a junk-filled storage yard and a concrete plant once stood. The new homes, the first in the area in a decade, are the latest project of Olson Co., one of the few builders that specializes in revitalizing older urban areas. Instead of buying land in Southern California's master-planned communities and undeveloped areas, Olson looks to junkyards, vacant strip malls or former manufacturing sites.

The Olson Co., a privately held builder of affordable housing, has sold a minority stake to three investors for an undisclosed price. The joint stock purchase was made recently by Allstate Insurance Co. of Illinois, Wells Fargo Bank of Minnesota and the California Public Employees' Retirement System pension fund (CalPers). Bolstered by the cash infusion, the Seal Beach home builder said it will expand its senior housing construction and build homes near transit lines in densely populated areas.

On a rundown block in Westminster, pristine stucco and wood homes are sprouting where a junk-filled storage yard and a concrete plant once stood. The new homes, the first in the area in a decade, are the latest project of Olson Co., one of the few builders that specializes in revitalizing older urban areas. Instead of buying land in Southern California's master-planned communities and undeveloped areas, Olson looks to junkyards, vacant strip malls or former manufacturing sites.

On a rundown block in Westminster, pristine stucco and wood homes are sprouting where a junk-filled storage yard and a concrete plant once stood. The new homes, the first in the area in a decade, are the latest project of the Olson Co., one of the few builders that specializes in revitalizing older urban areas. Instead of buying land in Orange County's master-planned communities and undeveloped areas, Olson looks to junkyards, vacant strip malls or former manufacturing sites.

Housing for low-income residents would be constructed on a vacant lot at Birch Street and Laurel Avenue under a plan the city is advancing. Olson Co., a Seal Beach-based developer, has offered $900,000 to buy the 2.7-acre, city-owned parcel and build the housing. The amount was about $100,000 more than the city expected, and about $120,000 more than the next highest bidder, city officials said. A final price will be negotiated in coming weeks, city redevelopment manager Eric Nicoll said.