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.