Press Releases

MONTEREY, Calif. - The City of Monterey presented an award to the Foursome Development Company for their accomplishment in developing Lighthouse Square, an attractive and innovative mixed-use building project.

The City award cites the success of Lighthouse Square in its integration of both commercial and housing units, effectively utilizing precious real estate in the City of Monterey. The design concept of Lighthouse Square contains lower-floor commercial space and 17 units of rental apartments upstairs. Three of the 17 rental units, or 18%, are designated for low and moderate-income household use, providing valuable, affordable housing in an attractive and desirable location.

The new project is located in the center of the New Monterey business area on the corner of Lighthouse Avenue and Prescott, just steps away from Cannery Row. According to the City of Monterey's proclamation, the new development enhances the City's commercial zone while representing a spirit of civic-mindedness, investment in the community and collaboration for the betterment of all.

The Lighthouse Square mixed-use project integrates both high quality exterior and interior designs and finishes and distinctive architectural styles while simultaneously providing much needed affordable housing for the community. The City recognized the project for proving that commercial and residential projects can be blended to provide important community improvement.

Foursome Development Company is a partnership made up of General Managing Partner Ted Balestreri and partners Bert Cutino, Harry Davidian and George Zarounian. Foursome Development Company is the parent company of Cannery Row Company, which operates over one million square feet of commercial, industrial and retail development in the Monterey Peninsula area, including a substantial percentage of Cannery Row.