Local News in Brief : Marketplace Project Gets New Owners

The Marketplace, a long-delayed commercial project proposed for a block of historic buildings on Colorado Boulevard in Pasadena, has been acquired and renamed One Colorado by a development partnership headed by Douglas L. Stitzel of San Francisco.

Stitzel, whose commercial projects have included One Rodeo Drive in Beverly Hills and One Union Square in San Francisco, said the $70-million Pasadena center could be open within two years. Prospective tenants include theaters, restaurants, specialty department stores and upscale fashion shops, he said.

The renamed project will adhere to the Marketplace plans approved by Pasadena six months ago, Stitzel said, but with modifications. Efforts will be made to preserve the historic character of the now-empty, turn-of-the-century buildings as they are remade for modern retail use, he said. Partners in One Colorado include S. & W. Berisford PLC, a major British commodity trader and food company.