A community group opposed to the Pasadena Marketplace in Old Pasadena has abandoned its plan to file suit to stop construction of the project.
Members of the Coalition for Old Pasadena, largely made up of historical preservationists and slow-growth advocates, said they believe the developer will be unable to find financing for the proposed 350,000-square-foot mall.
The Board of Directors has given the developer, Pasadena Marketplace Associates, six months to secure financing.
If the developer is unable to come up with the money, the board has approved preliminary measures to condemn the property and take it over through eminent domain.
The $60-million Marketplace project would be located on the corner of Fair Oaks Avenue and Colorado Boulevard.
The developer has proposed building a modern shopping mall behind the facades of the turn-of-the-century buildings now occupying the block.
Supporters say the project would create hundreds of jobs, bring in millions in tax revenue and help spark the revitalization of Old Pasadena.