H
ilco Development Services and Pintar Investment have acquired the 1 million-square-foot government surplus building, known as the Ziggurat, in Laguna Niguel for $177 million. The duo now faces a six-month deadline to secure funds to match their winning bid for the Chet Holifield Federal Building at 24000 Avila Road. Cameron Hildreth and Jeff Pintar are searching for strategic partners to help finance the project.

    The redevelopment of the federal building could become one of South OC's largest projects, with billions of dollars invested in homes, offices, shops, and restaurants. The property was sold after the government decided not to spend $300 million on repairs and upgrades. A previous auction in 2022 failed to attract a buyer due to preservation restrictions.

    Hildreth plans to demolish the 53-year-old building, which has historic significance for its Brutalist architecture, at an estimated cost of $20-35 million. The approvals, demolition, and construction process could take five years. Pintar believes there are numerous potential uses for the site, but the local community is eager to see the building demolished.

    Hilco Development has completed or has in the pipeline nearly $1 billion worth of projects, including multifamily developments and an office building. Pintar Investment manages over 3,500 single-family homes valued at more than $500 million across the US.