This is such a complicated mess. Don't ride the roller coaster.
JMA, founded in 1986 by Chapman's father, Art, has grown in the last decade from a small,
family-owned boutique business into a company with a range of high-profile, upscale
investments, most of them in San Francisco and Tahoe.It owns Homewood Mountain Resort in Tahoe, where it plans a major expansion, and has a share of the combined Squaw Valley-Alpine Meadows ski resort. It recently bought and is marketing million-dollar-plus homes on the ski slopes at Northstar in Tahoe, and owns an exclusive time-share residence hotel at Ghirardelli Square in San Francisco. It teamed with investors a few years ago to build a bayfront restaurant, EPIC Roasthouse, in San Francisco. In the last two months, it has bought office buildings in Austin, Texas, and outside of Seattle. JMA has run into troubles, too. During the recession, it lost control of the retail portion of Ghirardelli Square to its lender on a technical loan default....
Westfield, a huge international shopping center owner and builder, struggled to make the plaza work during the recession. Will JMA Ventures, a company with about three dozen employees and a modest retail résumé, be able to do better?