Local News in Brief : Old Pasadena Mall Development Sold

Garry Marshall, the owner of the historic block of buildings in old Pasadena called the Marketplace, has reached an agreement to sell the property to a group of developers who intend to continue with plans to build a 350,000-square-foot shopping mall on the site.

The project, which many consider the cornerstone of the rejuvenation of the Old Pasadena, has been delayed for years because of financial problems.

The new development group is made up of Bruce Phillips, the former project manager for Marshall and his partners; Rand Mathieson, president of the Connecticut-based CMC Capital Corp., and Edward Wilmot and Eugene Saenger, who head Pierce/Lang Development of Los Angeles.

Phillips would not disclose the sale price although he said the property has been valued at $15 million.