Business & Tech
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.
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.
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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.
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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.
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