Next Bay Properties is a continuation of Utal Development and Utal Properties. These wholly owned companies of the Utal family were primarily focused on land acquisition, development and construction. The business was started by Jay and Arlene Utal in 1975.
These Utal companies acquired land and developed property in Florida, Texas and California. More than 360 single family homes, neighborhood shopping centers, restaurants, mini storage buildings, children’s daycare, professional offices and other commercial buildings have been developed and constructed by the Utal companies.
They have specialized in the preparation of land development acquisition pro-forma models. Experience grew out of the successful completion of numerous projects.
Beginning in 1990 Next Bay began concentrating on the more complex land acquisition deals and Entitlements associated with "Infill properties" and "Community Re-Development". Next Bay has, together with its partners, acquired the land, developed the property and constructed residential housing, children’s daycare, and both senior and affordable housing. Next Bay has developed and maintained strong relationships with most Bay Area city and county offices through the Entitlement of these properties.
Next Bay is extremely fortunate to have completed all of its development projects over two years ago with the exception of its long term 1,400 + unit planned development in Manteca. Next Bay has zero debt and Manteca is not scheduled to be entitled and come on-line for three years. It has been Next Bay's mission is to identify opportunities for under-utilized property for its acquisition and development through rezoning and re-entitling; and to identify the maximum potential for re-entitled use of property. The housing downturn will create buying opportunities in the future as inventory is used up, and Next Bay is positioned well to take advantage of that. The need for housing in the Bay Area is great and Next Bay is dedicated to filling that need with quality projects.
Next Bay Properties LLC is now moving into the Lodging/Hospitality industry by creating its wholly owned subsidiary “Next Stay Lodging LLC”.
Next Stay's goal is to acquire several existing hospitality properties in 2009 with good current NOI that have the potential for growth and improvement. We are currently negotiating seriously on two outstanding assets in the San Francisco Bay area totaling about 400 guest rooms. The value of these acquisitions should be over 70 million dollars in 2009.
Jay Utal is the managing member and President of Next Bay Properties, LLC. Jay is a third generation merchant builder with 25 years development and construction experience.