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.