header image

[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Santa Clarita CA
Today in
S.C.V. History
February 28
1890 - Jenkins ranch hands Dolores Cook and George Walton of Castaic slain by rival William Chormicle and W.A. Gardener [story]
Dolores Cook

As the COVID-19 crisis sparks increased demand and innovation in the healthcare industry, Five Point Holdings LLC is telling healthcare businesses to “Come Home to Valencia.”

Company CEO Emile Haddad told investors in a letter Tuesday, filed with the SEC, that Five Point is looking to the healthcare sector to fill commercial space in its Valencia expansion west of Interstate 5.

“At our Great Park (Irvine) and Valencia communities, we have been focused on healthcare users/strategic partners for development opportunities on our non-residential land,” Haddad wrote. He pointed to City of Hope, which will anchor a large healthcare campus in Irvine, as “just one example of a blue-chip healthcare strategic partner.”

Even before the current crisis, healthcare was one of the key industries targeted for expansion by the SCV Economic Development Corporation. As an industry sector, it’s one of the area’s biggest employers. Five Point and its previous iteration, Newhall Land, have had considerable success in luring healthcare businesses to Valencia, and Haddad said he predicts even more demand for healthcare innovation and uses in the future. Here already with a major presence are Advanced Bionics, Boston Scientific, Bioness, Quest Diagnostics and the Alfred Mann Foundation.

According to the EDC, “Santa Clarita Valley’s strong private sector presence in medical devices, especially the abundance of researchers and other skilled professionals, is an incredible asset for the area. These skilled professionals, and similarly many entrepreneurial ventures within the industry, tend to seek out communities that are viewed as being supportive and innovative  environments.”

CEO Emile Haddad

As reported previously, Five Point has said it is well positioned to weather the current economic slowdown. Been there, done that.

“Our management team has been together through several market cycles,” he wrote. “During the Great Recession period of 2008-09, this same team repositioned the company’s current assets through some of the most complicated workouts. As such, it is in the DNA of the company to be prepared for unseen market shifts.”

Five Point’s long-term loans don’t come due until 2025, and “none of the company’s master-planned communities (such as Valencia) is encumbered with project debt,” the letter said.

Five Point has had most of its employees work from home since March 16, when the company implemented what Haddad called its “3-6-9 Plan.”

“It is simply a plan that assumes that revenues are going to be pushed back 3, 6, or 9 months and then assess which variable expenditures should be pushed back, accordingly. We immediately started implementing the first 3-month delay. As we monitor developments related to COVID-19, we will decide whether there is a need” for a 6- or 9-month delay. “Our hope is that this crisis will be over soon and that we will be able to go back to our original plan.”

The company has previously reported that it’s not a big problem if continued Valencia development is pushed back to the end of the year.

Five Point has scheduled an annual meeting by webcast on June 10. Shareholders will be asked to reelect former state Treasurer Kathleen Brown, former Irvine Company executive Gary Hunt and retired hedge fund manager Michael Winer to the company’s board of directors.

Luxor Capital Group LP, a New York-based hedge fund management company, continues to increase its position in Five Point; it now holds 17.7 of Class A common shares, equating to 8.2 percent of all outstanding common shares. As of Tuesday, Five Point’s biggest “owners” in terms of shares are the Florida-based developer Lennar Corp. with 39 percent, the private equity firm Castlelake LP with 17 percent, Luxor with 8.2 percent, and the equity firm Third Avenue Management LLC with 7.9 percent. Haddad owns 3 percent.


Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.


You can be the first one to leave a comment.

Leave a Comment

Latest Additions to SCVNews.com
1890 - Jenkins ranch hands Dolores Cook and George Walton of Castaic slain by rival William Chormicle and W.A. Gardener [story]
Dolores Cook
1950 - Ex-Mrs. William S. Hart appears in court to challenge will that leaves Hart Park & Mansion to L.A. County [story]
Winifred Westover
The Sand Canyon Resort project is scheduled to return before the Santa Clarita Planning Commission Tuesday with a series of revisions, following multiple concerns raised by both commissioners and residents.
Modified Sand Canyon Resort Project Up for Review
Los Angeles County Public Health officials on Friday confirmed 144 new deaths and 1,838 new cases of COVID-19 countywide, with 26,045 total cases in the Santa Clarita Valley.
Friday COVID-19 Roundup: SCV Cases Total 26,045; Nearly 2 Million Doses Administered in County
The Girl Scouts of Greater Los Angeles announced on Feb. 26 that Kenya Yarbrough will lead its newly-created and first-ever Diversity, Equity, Inclusivity, Access, and Advocacy Initiative.
Girl Scouts of Greater Los Angeles Launches First-Ever Diversity and Advocacy Department
The Valley Industry Association will welcome College of the Canyons Chancellor Dr. Dianne G. Van Hook as the keynote speaker for the March VIA Virtual Series taking place Tuesday, March 16, from 11:00 a.m to 12:15 p.m.
March 16: VIA Virtual Series with Dr. Dianne G. Van Hook
The city of Santa Clarita’s Planning Commission will hold a regular meeting virtually Tuesday, March 2, at 6:00 p.m.
March 2: Planning Commission Virtual Regular Meeting
The Child and Family Center's Domestic Violence Program is set to host its fourth annual "Night of Expression" art exhibit on Saturday, Feb. 27, in recognition of Teen Dating Violence Awareness Month.
Feb. 27: Child and Family Center to Host Virtual Teen Dating Violence Awareness Art Exhibit
California Department of Public Health officials announced on Feb. 26 that California is on track to create the capacity to administer 3 million vaccinations per week by March 1.
State on Track to Reach Capacity Goal of 3 Million Vaccines Per Week, Pending Available Supply
Henry Mayo Newhall Hospital is set to host events and classes in March to celebrate National Nutrition Month.
Henry Mayo to Host Events, Classes for National Nutrition Month
The college district received the best rating possible in an independent audit of its general obligation bond expenditures.
Independent Audit Finds College District in Full Compliance
After being shuttered for almost a year due to pandemic restrictions, Mountasia Family Fun Center has been purchased by MB2 Group.
MB2 Group Purchases Mountasia Family Fun Center
The California Department of Motor Vehicles announced a new round of extensions for commercial driver’s licenses expiring through May 31 that will help commercial drivers focus on delivering essential products and supplies during the COVID-19 emergency.
DMV Extends Expiring Commercial Driver’s Licenses Through May
1923 - U.S. release of Charles Chaplin film "The Pilgrim," partially shot at Saugus Train Station & Newhall First Presbyterian Church [watch]
The Pilgrim
Fry's Electronics, the consumer electronics retailer, announced Wednesday that it is going out of business after nearly 36 years.
Fry’s Electronics Closing All Its Stores
The Los Angeles County Department of Consumer and Business Affairs (DCBA) announced Thursday the upcoming launch of the Los Angeles Online Dispute Resolution (LA-ODR) program, in collaboration with the Superior Court of California, Los Angeles County and its Dispute Resolution Program (DRP), and the Center for Conflict Resolution.
L.A. County Launches Program to Help Litigants Settle Cases Online
A former manager of the Valencia COVID-19 testing lab is being sued by the operator for breaching her contract after she accused the company of poor performance.
PerkinElmer Suing Whistleblower for Breach of Contract
The Los Angeles County Department of Public Health confirmed Thursday 132 new deaths and 2,072 new cases of COVID-19, with 25,990 total cases in the Santa Clarita Valley.
Thursday COVID-19 Roundup: SCV Cases Nearing 26,000; L.A. County Reaches 100 MIS-C Cases in Children
Three hundred sixty-six feature films are eligible for the 2020 Academy Awards, the Academy of Motion Picture Arts and Sciences announced today.
Academy Announces 366 Feature Films Eligible for 2020 Best Picture Oscar
Hannah Cumming is exactly the type of player Master's women's soccer head coach Curtis Lewis appreciates.
Hannah Cumming Signs with TMU
Santa Clarita City Council members declined Tuesday to administer $6.8 million in state rental assistance funds for eligible residents who have been impacted by the COVID-19 pandemic and let the state handle those dollars but approved creating a program for them with $6.3 million from the federal government.
Rental Aid Program Coming to Eligible Santa Clarita Residents Impacted by Pandemic
The Santa Clarita City Council Legislative Committee will hold a special meeting virtually Friday, Feb. 26, at 2:00 p.m. 
Feb. 26: City Council Legislative Committee Virtual Special Meeting
As Los Angelenos envision their future — whether it’s housing, parks or wellness — there is much they can learn from the past.
CSUN Collaborates with Tataviam, Indigenous Communities to Create Virtual, Ecological History Map
Flair Cleaners, Southern California’s leading eco-friendly dry cleaner, is hosting its 6th Annual Flair Cares Food Drive, Hang Up Hunger, through March 31
Annual Flair Cares Food Drive Underway
%d bloggers like this: