Santa Rosa officials are pulling the plug on a land deal with Cornerstone Properties.
On Tuesday, officials decided to take back one of the company’s major landholdings in downtown Santa Rosa. The city was concerned Cornerstone would not be able to build a proposed apartment project on the land, which is currently a parking lot.
In the past two decades, Cornerstone has bought several properties in downtown Santa Rosa, saying it would add hundreds of new housing units. In that time, the company has not completed a single local housing project.
