Semitropic Water Storage (Completed)
In 1998, Vidler purchased the right to store, recover and sell water in this underground storage facility located near the central valley town of Bakersfield, California ("Semitropic"). The ownership of Semitropic enabled the owner to sell water and storage capacity to satisfy water needs in both northern and southern California. Specifically, Vidler bought the rights to store up to 185,000 acre-feet of water in Semitropic. The storage rights and certain purchased and stored water were sold in multiple transactions to real estate developers, a federal agency and two water utilities. The final sale of this asset was completed in 2009, bringing the aggregate proceeds realized to $25.8 million.