Marblehead Developer to Ramp Up Work in Spring

Finally out of bankruptcy, the developer's first priority is grading at the mall site and building planned parks and trails, an official from the company said.

One of the last of the myriad lawsuits and legal problems that hamstrung the development of the 248-acre Marblehead Coastal site since 2008 wrapped up Tuesday.

An official from the development's backer, Lisa Gordon of Lehman Brothers, said Tuesday that grading and site work at the Marblehead outlet mall site was set to start this spring in addition to construction of two parks and the site's trail system.

The developer this year also hopes to finish their work on Avenida Vista Hermosa and Avenida Pico, adding lights, traffic signals, landscaping and sidewalks, Gordon said. Once developers have "added value" to the land, they plan to start selling off plots to builders to start raising structures on Marblehead's residential portion.

San Clemente approved the new developer partnership, LV Marblehead, Tuesday. The corporation is a partnership between formerly embattled financier Lehman Brothers and Arch Insurance. Lehman Brothers -- originally a Marblehead Partner with SunCal -- has spent the last five years extricating itself from U.S. Bankruptcy Court after its notorious 2008 collapse.

Arch was the project insurer that San Clemente sued when Arch initially failed to complete the project following the Lehman Brothers collapse. The city during that time was also smacked with a flurry of lawsuits from contractors who wanted their money for work on the project.

SunCal, as a result of a bankruptcy agreement, is no longer part of the project.

Gordon said he is overseeing the new development partnership and would come to the San Clemente City Council meetings every couple months with an update on progress on the project.

Tom Hermann February 21, 2013 at 10:53 PM
If they had made it a hotel and golf course we would be teeing it up right now!
Ben Medina February 22, 2013 at 08:24 PM
Agreed Tom! Hotel would be awesome! San Clemente needs the convention center/conference space!


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