Toll Brothers has several large projects slated for Point Richmond and Marina Bay. In Point Richmond they have proposed a new project that is the topic of much neighborhood controversy. The Terminal One site in question has gorgeous San Francisco Bay views and is one of the most spectacular East Bay coastline developments to be attempted in recent years (see the computer generated project photo above). The original project that Toll Brothers has proposed is a 330 unit condominium project that stands 75 feet tall breaking the rules of the city of Richmond’s general plan height limit for Point Richmond. The initial proposal spurred action and The Coalition of Concerned Citizens of Point Richmond (CCC Point Richmond) was formed.

For those of you that do not already know, Point Richmond is one of the East Bay’s best kept secrets, and is some of Richmond’s most valuable real estate. It is a quiet coastal neighborhood that is marked by the Richmond Yacht Club which is well established as one of the Bay Area’s best sailing communities.

Being that I am a resident of Point Richmond and a Realtor who often advocates new development I have found myself in quite a juxtaposition. From my view I think the most interesting part of this story is that the neighborhood has banded together to be influential in the communities development process. Currently there have been 3 design charrettes that have allowed the community to get involved in shaping the design of this project and have drastically changed Toll Brothers original design proposal. It appears Toll Brothers and the City of Richmond are listening to the neighborhood and are altering the project to better fit the sea side landscape.

I have viewed Toll Brothers original plan and I have followed the design process that has ensued. It is my feeling that both Toll Brothers and the neighborhood are benefiting from this process. It is my guess that both are going to see an increased value from having a project that better fits the development sight and the neighborhood. It will be interesting to see how this new development materializes.

This is a useful perspective on the US savings rate. Telling us we have a negative savings rate sells newspapers but it doesn’t tell the whole story of what’s going on. I had a conversation about this with a very famous economist last year and his comment to me was not to worry about the national savings rate but to only worry about my personal savings rate. Seems like good advice to me.

Saving Grace
Robert Stein, Senior Economist
Date: 2/20/2007

The personal saving rate was negative 1% in 2006 (equal to negative $92 billion), the second straight negative year and the lowest since at least 1947. What this means is that for every $100 in after-tax “income,” US consumers spent $101. To some, this proves that Americans are living beyond their means and that calamity is virtually assured unless something changes. We could not disagree more. The so-called personal saving rate is a highly misleading indicator of the consumer balance sheet. Other, much better measures show that the American consumer is in excellent financial health. To calculate the personal saving rate, government statisticians subtract taxes and spending from personal income. Income includes wages, salaries, interest, dividends, rent received, small-business profits, and some government benefits. Excluded are withdrawals from IRAs and 401ks, as well as capital gains. This is inconsistent with how most people measure their private fiscal health. For example, a retiree with no wage (or other) income, who withdraws $40,000 each year from her IRA to spend on living expenses, would drag down the savings rate. (more…)