ENCINITAS — The city of Encinitas officially owns Surfer’s Point.
In August, the City Council unanimously approved the acquisition of two parcels located at the northeast corner of Coast Highway 101 and La Costa Avenue in Leucadia, known as Surfer’s Point or Hippie Hill, for $6.3 million. After a 45-day due diligence period, the city announced the closure of escrow and its official ownership of the property.
According to the city, it is considering using bonds for the long-term financing of the land to reimburse the funding used from the contingency reserve.
The debt service payments at an estimated interest rate of 4.33% over a 30-year period will be around $377,000 per year.
“This property is a high-visibility parcel that will preserve a very cherished vestige of Encinitas’ and Leucadia’s character,” Kranz said in August. “The acquisition of this land helps preserve open space and meets the City Council’s goal of evolving and preserving community character.”
The property has been a part of Encinitas’ history since its incorporation.
“The spectacular views of the Pacific Ocean and the Batiquitos Lagoon from that spot will now belong to the public for future generations, a wonderful legacy to leave,” Kranz said on Sept. 28. “The public support for the purchase has been appreciated by the City Council and we look forward to the community benefits that will be enjoyed there.”
