THE LATEST: SunCal Companies closed its on-site sales office at Marblehead Coastal last month, and the residential development is on hold—until the housing market recovers, according to SunCal spokesperson Joe Aguirre. “We are still taking deposits on custom lots and can arrange tours,” said Aguirre. “The project remains active. Obviosuly the pace has changed due to the housing market.”
The orginal plan for 313 homes and a commercial site at Marblehead was approved by the California Coastal Commission in 2004, and since SunCal purchased the property from the Lusk Company in 2005, the project has been moving forward. Until recently. Citing inclement weather in the winter and a slowed economy, SunCal has slowed—and sometimes halted—construction on the initial phases, including the Avenida Vista Hermosa Bridge, improvements to Avenida Pico and other infrastructure.
“We don’t have a direct interest in the marketing and sale of the residential property,” said Mayor Joe Anderson. “Obviously from a standpoint of civic image we want it to be a successful project, but the timing and success of that isn’t our highest priority: Getting the infrastructure for the public [including streets and the bridge] and the commerical project is the highest priority.”
WHAT'S NEXT: Anderson said the commercial project—an outlet mall built by Craig Ralty Group—stands to bring in approximately $2.5 million to $3 million in tax revenue for the city. With that said, the city’s projected budgets are not reliant on that income.
Aguirre said SunCal is monitoring the market’s progression and will resume sales efforts when the conditions are better.
FIND OUT MORE: www.san-clemente.org
—Rebecca Nordquist
Post a Comment
