GIGANTIC DEAL i ON 111/09 T. A. Work Organizing Syndicite to Buy Pacific Grove Property. OVER A MILLION DOLLARS Will Take Over All the Unsold Holdings of the Pacific Improvement Company --Will Build and Sell Homes. Negotiations are pending for the - purchase of the. entire land holdings of the Pacific Improvement Coal- pally inside the city 1(mits of Pacific GrovE by a syndicate that is being organized by T. A. Work. A price has been set by the Pacific Im- provement Company, and it is believ· ed by those who are close up that the financing of the syndicate is as- sured. The property that will be Included in tte deal consists of the Pacific Grove Hotel and the property sur- rouncing it, the University addition, the strip of land covered with tim- ber c,n two sides of the city, End all the unsou lots in the various addl- tions that the company has laid out. Between $1,000,000 and $2,000,000 will be required to handle the prop- erty. Mr. Work is a man of large affairs, and so far nothing has beeti too big for him to tackle. The Work Syndicate, if they take over the property, will art once put it on the market and push the sale of every foot d it, and thus build up the city. Much of the need;d capital has al read/ been subscribed-fully one- half, those on the inside state-and t when the big proftts to be made in the transaction are understood the rest will quickly come forward. Th e reason that the Pacific Im- provement Company is willing to sell its holdings in the Grove are that the lots are now pretty well' scatter- ed, and they are not getting the same results through their selling agen- cies that a syndicate organized for the purpose would get. Besides, they are opening Pebbls Beach and cutting the Seventeen Mile tract up into villa lots, and this will occupy the attention of their land de- pal·lment. The proposed deal is the largest real estate transaction ever attempt- ed on the peninsula, and will rank with the biggest de8flS in the state. It is the plan of. the PWork Syn- dicate to keep the Pacific Grove Ho- tel open and in every way possible boom Pacific Grove. It is by at- tracting attention to the city that they hope to increase the ·present value of the lots and thus reap a very large profit on their investment. It is proposed to build houses and sell them on the installment plan. The mill in New Monterey will Ibe doubled in cErpacity, and a home will be built on a ·lot that the purchaser may select and sold with a small payment down and monthly installn?ents. The option of Mr. Work on the holdings ot the Pacific Grove Im- plovement Company's land extend for a period of some four months. , OCR Text: GIGANTIC DEAL i ON 111/09 T. A. Work Organizing Syndicite to Buy Pacific Grove Property. OVER A MILLION DOLLARS Will Take Over All the Unsold Holdings of the Pacific Improvement Company --Will Build and Sell Homes. Negotiations are pending for the - purchase of the. entire land holdings of the Pacific Improvement Coal- pally inside the city 1(mits of Pacific GrovE by a syndicate that is being organized by T. A. Work. A price has been set by the Pacific Im- provement Company, and it is believ· ed by those who are close up that the financing of the syndicate is as- sured. The property that will be Included in tte deal consists of the Pacific Grove Hotel and the property sur- rouncing it, the University addition, the strip of land covered with tim- ber c,n two sides of the city, End all the unsou lots in the various addl- tions that the company has laid out. Between $1,000,000 and $2,000,000 will be required to handle the prop- erty. Mr. Work is a man of large affairs, and so far nothing has beeti too big for him to tackle. The Work Syndicate, if they take over the property, will art once put it on the market and push the sale of every foot d it, and thus build up the city. Much of the need;d capital has al read/ been subscribed-fully one- half, those on the inside state-and t when the big proftts to be made in the transaction are understood the rest will quickly come forward. Th e reason that the Pacific Im- provement Company is willing to sell its holdings in the Grove are that the lots are now pretty well' scatter- ed, and they are not getting the same results through their selling agen- cies that a syndicate organized for the purpose would get. Besides, they are opening Pebbls Beach and cutting the Seventeen Mile tract up into villa lots, and this will occupy the attention of their land de- pal·lment. The proposed deal is the largest real estate transaction ever attempt- ed on the peninsula, and will rank with the biggest de8flS in the state. It is the plan of. the PWork Syn- dicate to keep the Pacific Grove Ho- tel open and in every way possible boom Pacific Grove. It is by at- tracting attention to the city that they hope to increase the ·present value of the lots and thus reap a very large profit on their investment. It is proposed to build houses and sell them on the installment plan. The mill in New Monterey will Ibe doubled in cErpacity, and a home will be built on a ·lot that the purchaser may select and sold with a small payment down and monthly installn?ents. The option of Mr. Work on the holdings ot the Pacific Grove Im- plovement Company's land extend for a period of some four months. , Heritage Society of Pacific Grove,Historical Collections,Historic Properties of Pacific Grove,Park,231 park,231 PARK ST_020.pdf,231 PARK ST_020.pdf 1 Page 1, Tags: 231 PARK ST_020.PDF, 231 PARK ST_020.pdf 1 Page 1