SPANISH OUTLETS BY THE SEA?
MARBLEHEAD COASTAL IN SAN CLEMENTE BREAKS GROUND
Eight years ago, the SunCal Partnership, with financial backing from Lehman Brothers, had big plans for the property, which would have included 2,000 homes and a universal access playground called Courtney’s SandCastle. The 2008 financial crash led to bankruptcy and SunCal’s properties being split off.
Gaining new life with Phoenix, AZ builder Taylor-Morrison, current plans call for 308 homes and revised plans for Jim Johnson Memorial Park. With a universal access park having been built at Vista Hermosa Sports Park following the SunCal bankruptcy, Courtney’s SandCastle was no longer needed. Instead, the area will be dedicated as free-play open area, with Taylor-Morrison contributing about $500,000 to city coffers.
It’s too soon to predict the effects of the project on the rest of San Clemente residential real estate. While overall prices and sales are up from a year ago, pricing seems to have stabilized in the last month. Nonetheless, the supply of homes for sale is low, and Marblehead offers an opportunity for people to own homes near the beach with outstanding views.
But the mere scope and nature of the overall development is sure to have a significant impact.
Almost adjacent to the project, the Outlets at San Clemente has broken ground on the first phase of an upscale 500,000 square-foot outlet shopping mall. With 70 stores filling up the first phase, the mall will enjoy dramatic ocean views. It’s expected to draw shoppers from as much as 50 miles away.
Both make up a large part of the San Clemente Plaza project, slated to include a hotel and restaurant complex. Parking for 3,000 cars and a two-story parking structure, along with shuttles, are also part of the overall blueprint.
The plan seems to have gained widespread support, not just from the local business community and civic leaders, but from community activists impressed by the architecture and overall quality as well.
General Douglas MacArthur once remarked that “Old soldiers never die; they just fade away.” Not so Marblehead, which looks like it will another jewel in San Clemente’s crown.
Just Appraisals, Inc. is a real appraisal firm based in Santa Ana, CA with an office in San Clemente, CA.