The area to the left of Gingerbread Restaurant (facing Belair from the water), has been a proposed site for several projects in the many years we've gone to the Belair. All have fallen through. Heavy equipment for the last one gouged out the base of the hillside but that's as far as that proposed "high end apartments and businesses" went. A lot of that area is a designated nature preserve so I would think that would limit usable land for developement. I suspect that the Laguna pitch is fishing for investors or just another scam.
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