A resolution is coming in the case of Marlton Square mixed-use complex, also known as Santa Barbara Plaza, which stopped work in 2008. This week, Los Angeles City Councilman Bernard Parks declared that the Marlton Square project has emerged from bankruptcy. Via his press release: “To say I’m thrilled would be the understatement of the decade,” Parks said. “This blighted property has been an eyesore in the community for years. I share the anger and frustration of my constituents at the incompetence and financial mismanagement of past government officials and real estate developers that created this mess.”
Commercial Mortgage Managers (CMM) was selected to act as the servicing agent for over 270 claimants on the parcels in the south and west portions of Marlton Square, which have been mired in bankruptcy litigation for several years. The company plans to raise capital for demolition of the existing structures, which have become a magnet for crime, and then sell the entire property on behalf of the claimants, to a qualified developer." As part of the plan, work will restart on the Buckingham Place Senior Apartments. KPPC has more.
· Marlton Square property emerges from bankruptcy; officials consider long awaited redevelopment [KPCC]
· Long-Stalled Marlton Square in Crenshaw Still Entirely Stalled [Curbed LA]