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Taylor Morrison Looking to Close Marblehead Property Purchase

Last month, we reported on efforts to sell the Marblehead coastal property in San Clemente to one of four potential homebuilders.  That sale hit a snag.  As we reported then:

Efforts by the Lehman Brothers bankruptcy estate to sell off the residential portion of the Marblehead development in San Clemente have hit a snag.  The potential buyer is rumored to be Taylor Morrison, an Arizona-based homebuilder.  According to the OC Register:

“A Builder Magazine article published in January said Lehman got 11 bids, and Bloomberg reported that some offers came from as far away as Asia and the Middle East. The parcel could sell for $210 million to $235 million, or at least $700,000 per lot, Builder Magazine reported.”

In mid-January, “Lehman narrowed the bidders … to four homebuilders: Taylor Morrison, The New Home Co., Toll Bros., and a joint bid by Standard Pacific Homes and Brookfield Residential, the magazine said.”  San Clemente city officials reported last week reported that Taylor Morrison was the winner, but this week the sale has apparently hit a snag.  Entitlements will permit the buyer to build 308 residential units on the property.

According to a San Clemente Times article, that sale is back on track and may potentially close as early as this week.

Real estate developer Taylor Morrison, which has communities throughout California and other states, including two in San Juan Capistrano, is looking to close on the property this week, following a flirtation earlier this year. The property is currently owned by Lehman Brothers through a subsidiary.

So it looks like Taylor Morrison was in fact the winning bidder and was able to overcome last month’s issues.  As for the homebuilder’s plans for the site, the SC Times reports:

Willis said the company was planning on having just one home per lot, though the lots would be of five varying sizes, up to 7,000 square feet. Homes will range in size from 1,700 to 5,000 square feet. The company would also take over responsibility for the completion of the infrastructure projects at the site, including work to complete West Avenida Vista Hermosa to Avenida Pico and the completion of planned parks and a trail system.

One of the most visible scars from the real estate collapse, it will be good to finally see progress occurring on the Marblehead coastal property again.

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