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Developers Lined up to Build out Marblehead Tract

Taylor Morrison will join two others in buying the 308-home and commercial project, which has been stalled for years.

Developer Taylor Morrison has recently won a bid to become one of the homebuilders in the much-troubled Marblehead project. Patch file photo.
Developer Taylor Morrison has recently won a bid to become one of the homebuilders in the much-troubled Marblehead project. Patch file photo.

Developer Taylor Morrison has recently won a bid to become one of the homebuilders in the much-troubled Marblehead project.

The Scottsdale, Ariz.-based developer outbid competitors, coming in with an offer of $205 million, according to a Wall Street Journal blog,

Plans – for a commercial site for an outlet mall and 308 residential lots on one of the last, large strips of oceanfront property in Southern California – stalled when financier Lehman Bros. went bankrupt after the 2008 housing market crash.

Lehman emerged from bankruptcy in 2012.

Taylor Morrison will join Oaktree Capital Management LP and TPG Capital in buying the property from Lehman., the Wall Street Journal reports.

The developer, which is also building a tract of 132 homes in nearby San Juan Capistrano, hopes to start building in San Clemente by next year.

Mr Salty April 03, 2014 at 10:18 AM
+1
Rocky Neidhardt April 03, 2014 at 01:17 PM
Every time I see a story about this property.. It pisses me off. What a horrible way to destroy our last piece of open space in sc. Outlet mall with mansions? Thanks for ruining our little beach town, killing our revitalized downtown shopping, creating a major traffic nightmare..Oh my God this is about to really suck
Lindsey Hanson April 03, 2014 at 04:43 PM
San Clemente is just not the same since Talega, and now this? I never wanted to see the day SC would have an outlet mall on the bluff. I'm glad I've moved. SC you've changed and it's not for the better.
PK April 04, 2014 at 03:46 PM
Funny how our city and state "leaders" are still allowing big housing developments, when everyone knows how terrible overcrowding and traffic is already. But they just keep building. Not only is it irresponsible, but it's un-managed growth which makes our quality of life suffer even more. When will they ever get it? It's too crowded here already. Enough is enough! (At least until they build a subway) from here to LA, and SD. Adding a freeway lane, or building toll roads just doesn't work.
Richard April 04, 2014 at 05:26 PM
You cannot deprive a property owner of their right to develop land zoned for residential/commercial development as long as there is proper mitigation to the environmental impacts you are concerned with. If you have a problem with the development, you can bid on the property and keep it undeveloped.

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