1994 – Paul Jennings establishes PCS Development and acquires four multi-family assets damaged by the Northridge, CA earthquake. Through PCSD's principal's experience in government procurement from his telecommunication companies, PCSD becomes one of the most active participants in the LA housing earthquake rehabilitation program.
1995 – PCSD establishes CalMor, a construction company, to begin vertical build-out and PCS Property Management, to commence managing the multi-family assets coming on line. PCSD acquires an additional six earthquake-damaged multi-family assets.
1996 – PCSD acquires seven earthquake-damaged multi-family assets. CalMor completes the build-out of six projects. PCS Property Management effectively stabilizes the completed projects and obtains long-term financing on five of its properties.
1997 – PCSD acquires an additional 11 multi-family assets. PCSD becomes the largest participant in the City of Los Angeles' Housing Department's earthquake rehab program by utilizing a portion of affordable bond proceeds to fund 17 of its multi-family assets. CalMor completes eight multi-family projects.
1998 – PCSD acquires its largest multi-family asset to date, with 392 units. This former Oakwood project in Sherman Oaks, CA is the largest property damaged in the Northridge quake. PCSD acquires a “Class A” office building at 11859 Wilshire Boulevard and relocates its headquarters to it.
1999 – PCSD brings on-line over 1,000 multi-family units. Expanding beyond rehab projects, PCSD acquires two major land acquisitions, paving the way for ground-up construction. PCSD becomes the first company in 15 years to successfully navigate Thousand Oaks' rigorous entitlement requirements, receiving all entitlements and ready to commence construction within 12 months.
2000 – PCSD receives four commendations from the City of Los Angeles, Senator Feinstein, Congressman Sherman, and Mayor Riordan for its outstanding contributions to the community and its commitment to job creation and economic stimulation. PCSD begins acquiring buildings in Beverly Hills. PCSD acquires two office buildings.
2001 – PCSD completes its first two ground-up projects. PCSD completes two office buildings requiring a major reface and extensive rehab to both buildings – Wilshire Blvd. and Santa Monica Blvd. in Los Angeles. PCSD brings online its 2,000th apartment.
2002 – PCSD breaks ground on its first mixed-use project in Long Beach and completes three ground-up projects exceeding more than 800 units.
2003 – PCSD brings on-line its 3,000th unit and becomes one of Fannie Mae's most active multi-family borrowers in Southern California. PCSD enters into the senior-housing market with the introduction of its Bella Vita product. PCSD receives commendations from the City of Thousand Oaks and wins a design award for its Thousand Oaks project.
2004 – PCSD begins selling some of its portfolio of assets, capitalizing on the liquidity in the market and begins to reposition into products beyond multi-family. PCSD acquires two additional land assets, in Calabasas, CA and Mesa, AZ, earmarked for retirement communities.
2005 – PCSD accelerates the sale of its largest assets to Archstone in an all cash purchase. PCSD opens an extensive sales and design center for its retirement community business.
2006 – PCSD utilizes some of its cash proceeds to acquire 4,000+ acres in Baja California Sur, Mexico, for the purposes of developing a master-planned residential resort community. The project is renamed to Bahía de los Sueños and construction begins on the build-out of the golf course and pre-development infrastructure. PCSD sells its mixed-use project in Sherman Oaks on Ventura Boulevard.
2007 – PCSD receives entitlements on its Baja project to proceed with the build-out of 800 homes, 1,000 condominiums, and eight hotels for its Bahía de los Sueños project. Sales efforts begin within the community. PCSD completes one year establishing a complete construction and management organization with over 150 employees for building out the project. PCSD enters into a sales agreement for its Bella Vita retirement project's land.
2008 – PCSD's current projects include 4,000 acres in Mexico, 300 multi-family locations in final development in Sherman Oaks, five-acre office complex in Calabasas, and senior-housing project under entitlements in Mesa, Arizona. Residential projects in Baja, Carmel, and Brentwood, CA.