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JAMES PLACE CONDOMINIUM UNIT OWNERS

To:       Trinsic Residential Group, Trinsic Acquisition Company and Goray Development

Attn:   Mr. Manny Martinez and Mr. Jerry Goray

Fr:        James Place Condominium Unit Owners

Re:       Sisters of the Cenacle Property Lantana

Gentlemen,

We are writing to express our collective concern with the current plan for redevelopment of the Sisters of the Cenacle Retreat property. As you are aware, this property borders our own property directly.

Our concerns are focused in the following areas:

1.      Unit Density

2.      Bordering Wall/Fencing

3.      Building Height

4.      Available Parking

Unit Density

We have a high degree of concern related to the re-zoning of this property. As we currently understand, the proposed plan wishes to place as many as 320 rental units there. This relatively large number of non-ownership occupied units raises concern in many areas including, but not limited to:

o   Safety

o   Noise

o   Cars, Traffic, etc.

We all agree that an R-15 zoning designation is more appropriate and feasible for this property. In fact, many neighboring communities including our own have considered commissioning our own traffic study to further understand the impact of such a high number of rental units to our roadways.

Bordering Wall/Fencing

Even at 150 units, our residents feel a (6) foot masonry wall would be appropriate to ensure the security of our residents and property as well as other residents and properties nearby.

For many years we have endured strangers traversing our property from all directions. Without a solid border, a new development of any size with likely increase the number of unwanted foot travelers exponentially and bring with it the omnipresent threats of theft, vandalism and general criminal mischief.

Building Height

In addition, we understand you wish to construct a building that is (6) six stories in height while the current ordinance only allows (5) five stories. Half Moon Bay, Hidden Banyan and ourselves are 5 five stories which adheres to our current neighborhood and within the variance allowed. We feel a 6 six-story rental building on each side of 5 five-story homeowner condos will potentially dwarf us and thus reduce our property values.

Available Parking

We also noticed a parking variance to allow 1.8 parking spaces per unit. The residents at James Place can speak to this issue directly: we have the same problem here and this is a quandary in the making.

There is and always has been an issue of parking spaces at James Place. In fact, this very issue has been, and continues to be, a sticking point on sales and rentals in our building. Many would be purchasers and lessors have walked away from deals due to the lack of parking.

Many of the unit owners use the guest parking spaces of which are few (5 total for 25 units) and we end up in disagreements. Many times the police, a tow truck or our fining committee has been called in to settle said disputes. Despite many units being seasonal, this is a focal issue at James Place and we cannot ignore it.

Summary

It has come to our attention that Patrick (Pat) Smith was or has worked out some sort of an agreement with you. Pat has spent much of his time and his own money on this case and we appreciate his input. Additionally, our own Board has spent funds previously to secure a desirable development at the Cenacle property in the past, as well.

When considering the development plans please keep in mind our own valid concerns. Additionally, Pat has indicated that our building was going to have a much-needed improvement and in return we would help our soon to be neighbors complete their plans and kick off development of their project.

We are asking for this agreement on paper and would like to see precise terms and agreements. We as unit owners would like to know what these terms are before any Lantana Town meetings.

We want to give Pat all the support he needs to finish what both he and we have been working on for many years. That said, we ask that you contact Pat Smith so that the unit owners here at James Place will not be charged any additional assessments for additional legal fees. Too much has been spent and we as unit homeowners feel Pat now deserves the help and support he will need.

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