Enrique Fainchtein

Enrique Fainchtein is a realtor and developer whom began his professional career in real estate in 1958, and has stated he has developed nearly 2,000 buildings. He is currently in contract with the City of San Fernando, California to develop 200 housing units on city-owned Parking Lots No. 8 & 10. Fainchtein entered the aforementioned Disposition and Development Agreement (DDA) with Calmex Development, LLC and Wilshire Ventures on October 16, 2006, which was ultimately rescinded and an "Exclusive Negotiation Agreement" was entered.

Pending San Fernando Development Project
While Fainchtein's proposed project in the City of San Fernando complys with all the requirements of the San Fernando Downtown Specific Plan, it has has faced substantial opposition by residents and local business owners. The project's fulfillment of Specific Plan guidelines was not enough for the project to ultimately be granted a Negative Declaration. The "project" was mandated by a court to comply with the California Environmental Quality Act(CEQA) to fund an Environmental Impact Report.
On December 3, 2007, a city councilmember brought to light several issues regarding Fainchstein and Wilshire Ventures' financial ability to carry out their Disposition and Development Agreement. The councilmember uncovered a $50,000 check from Enrique Fainchtein, which was returned for insufficient funds and that City Administrator Jose Pulido kept the information from the City Council. This check would serve as a down payment to fund the California Environmental Quality Act mandated Environmental Impact Report (EIR). The EIR which is being conducted by well-known planning consultants RBF Consulting, carries a cost of $250,000.

Under California Redevelopment Law, developers must provide sufficient project equity to demonstrate they are capable of executing their agreement. In the San Fernando agreement with Fainchtein, it states that if the account balance falls below a $40,000 equity mark, Fainchtein must bring it up to a $50,000 level.The City Council ordered city staff and the city attorney to jot off a notice to Fainchtein demanding all of the outstanding items required under the exclusive negotiation agreement and send it by next-day mail. Under the terms of the agreement, Fainchtein must comply within 10 days. As of December 14,2007 the delinquent amount to the city was paid.

Lawsuits of 2007

A lawsuit was filed in October of this year by Los Angeles-based Christensen, Miller, Fink, Jacobs, Glaser, Weil and Shapiro LLP, which previously represented him on real estate matters including the San Fernando project.

In addition, Fainchtein is also being sued by the widow of his now deceased partner.

Links for 2007 Lawsuits

Other Lawsuits
During public testimony against the housing project in 2006, it was also stated that 77 lawsuits had been brought against Fainchstein.

CA. Licenses
On January 31, 2005 the California Department of Real Estate issued a desist and refrain order against Fainchtein for conducting real estate activity without being properly licensed.

Before the 2005 desist and refrain order, the CA. Department of Real Estate ordered Fainchtein to surrender real estate license in 2001.

Unpaid Taxes
Fainchtein has stated that he needs to pay his taxes to reinstate his corporate license with the state for his company, Wilshire Ventures Corp

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