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June 15, 2005
CA Unused Property as Real Estate Developments?
The State of California owns a range of undeveloped properties with several prospects:
State Treasurer Phil Angelides has come up with an idea to put the land to use instead of selling it. Angelides, a former developer, proposes that state lands "be managed like a high-quality real estate business." He would channel the proceeds through a public trust agency to help more California students go to college. Angelides says the endowment could generate $250 million a year for scholarships, counseling, college preparation and other programs. Despite the lack of an inventory, he sees most of the property as commercially viable for business and housing.