THE LATEST: On Wednesday, November 12, SunCal Marblehead LLC filed Chapter 11 bankruptcy to acquire the funds to address various issues at the development, according to SunCal spokesperson Joe Aguirre. This action was prompted by the bankruptcy of SunCal’s sole lender Lehman Brothers in September. SunCal is the property developer for Marblehead Coastal in San Clemente.
Filing Chapter 11 will allow another lender to come in and fund the completion of several outstanding projects at Marblehead Coastal. These include the completion of private streets, the Avenida Vista Hermosa Bridge and stormwater runoff control measures and security on the property. SunCal is looking for up to $75 million to fund Marblehead Coastal and some of its other projects. First the courts must approve a priming lien. Aguirre said he’s confident the funds will secure the future of this development.
WHAT'S NEXT: Dave Placek, another SunCal spokesperson said, “Besides the Avenida Vista Hermosa bridge and the public streets, the outstanding priority issues include the need for erosion control measures throughout the property. Coming into the winter season, the potential for stormwater runoff is very high, and as you know, erosion control is mandated by both the city but also the state water quality board. Another concern is for maintenance of the large habitat plan area within the conservation easement, which is required by permit as well as agreements with natural lands management. Also continuing need for other property maintenance, maintenance of fencing, sweep control, prevention of fire hazards and to continue the security patrol.”
FIND OUT MORE: Stay tuned…
—Rebecca Nordquist and Norb Garrett
Post a Comment
