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Mired Marblehead Project Slogs Forward

A settlement between developer SunCal and Lehman Bros. could pull the big development out of limbo, the Register reports.

The stalled Marblehead development may have some new life after a settlement between developer SunCal and financier Lehman Brothers in bankruptcy court.

Dow Jones Bankruptcy Review reported that the two companies had reached a settlement in late October, and the  O.C. Register reports Craig Realty, developer of a retail outlet on the site, is raring to start building as soon as the infrastructure is installed.

The new freeway bridge there is nearly complete, and it's a key piece of infrastructure to get the retail portion of the project moving forward.

Still unclear is the fate of an AT&T switching station on Avenida Pico that will have to be relocated. An AT&T spokesman earlier this month said the company is not involved in the bankruptcy, but is sitting on the sidelines until the issue comes under discussion.

The station receives and sends signals to and from cellular antennas to allow the network to function.

Read the Register article here.

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Jenifer Massey November 29, 2011 at 06:37 PM
This outlet mall project is so UN - SAN CLEMENTE ! Many of us moved to San Clemente for its small town charm. This project is the antithesis of that concept. What can we do to get rid of it ?
Maureen November 29, 2011 at 10:54 PM
I totally agree with Jenifer....this is so not San Clemente. Ole Hanson will be turning over in his grave. The shops and restuarants downtown have been working so hard to stay alive during this economy... upholding the small beach town charm of the city. I am so worried this will be their final blow! North Beach project was shelved because of public opinon... let's pull together and change this mired project!
Rob Flowers November 30, 2011 at 01:13 AM
I also agree. We need more open space, not an outlet mall! What was wrong with the tomato patch the way it was? Why would the city let this happen? Did anybody ask these "developers" if they had any money? HELLO! What is happening!!!!

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