SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* ING GROEP NV (Last) (First) (Middle) AMSTELVEENSEWEG 500, 1081 KL AMSTERDAM PO BOX 810, 1000 AV (Street) AMSTERDAM P7 0000 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol CALIFORNIA COASTAL COMMUNITIES INC [ CALC ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 07/22/1998
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/22/1998		P		3,583	A	$29,559.75	1,670,526	I	See footnote 1.(1)
Common Stock	07/22/1998		P		235,852	A	$1,945,779	1,906,378	I	See footnote 1.
Common Stock	07/22/1998		P		23,493	A	$193,817.25	1,929,871	I	See footnote 1.
Common Stock	07/22/1998		P		813	A	$6,707.25	1,930,684	I	See footnote 1.
Common Stock	03/07/2005		S		300,000	D	$0(2)	1,630,683(3)	I	See footnote 4.(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* ING GROEP NV (Last) (First) (Middle) AMSTELVEENSEWEG 500, 1081 KL AMSTERDAM PO BOX 810, 1000 AV (Street) AMSTERDAM P7 0000 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* ING CAPITAL LLC (Last) (First) (Middle) 1325 AVENUE OF THE AMERICAS (Street) NEW YORK NY 10019 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Reporting Person, acting through its subsidiary, ING Baring (U.S.) Capital Corporation ("ING Baring"), acquired the shares of common stock of California Coastal Communities Inc. (the "Company") reported herein on September 2, 1997 and July 28, 1998 in the transactions reported on the Form 3 and the amended and restated Schedule 13D, each filed on the same date this Form 4 is filed by the Reporting Person in respect of the shares of common stock of the Company. ING Capital LLC, acting as investment manager on behalf of ING Middenbank Curacao N.V., is the beneficial owner of the common stock of the Company previously held by ING Baring. ING Groep N.V. is the indirect parent company of ING Capital LLC through a chain of wholly-owned subsidiaries.

2. ING Capital LLC, acting as investment manager on behalf of ING Middenbank Curacao N.V., and Mercury Targeted Securities Fund LP entered into that certain forward sale agreement dated March 7, 2005 (the "FSA"). Under the FSA, ING Capital LLC has agreed to sell, and Mercury Targeted Securities Fund LP has agreed to buy, 300,000 shares of California Coastal Communities Inc. common stock on a date to be determined in accordance with the terms of the FSA, but no later than June 30, 2005.

3. Reflects (x) the disposition of the 300,000 shares to be sold pursuant to the FSA and (y) an adjustment made by the Company for fractional shares.

4. ING Groep N.V. is the indirect parent company of ING Capital LLC through a chain of wholly-owned subsidiaries. Geoffrey W. Arens has been a director of California Coastal Communities Inc. since April 5, 2004. Mr. Arens is a Managing Director of ING Capital LLC. Mr. Arens is also Chief Executive Officer of ING Capital Advisors, LLC.

Remarks:

Reporting Owner Name/Address: ING Capital LLC, 1325 Avenue of the Americas, New York, NY 10019.

	Cornelis Blokbergen	03/17/2005
	Rien K. Pijpers	03/17/2005
	** Signature of Reporting Person	Date
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