MARINA DEL REY : Developer in Default on Lease With County
Los Angeles County officials disclosed Wednesday that the developer of the high-rise Marina City Club project in Marina del Rey has failed to pay $859,000 in overdue rent and is in default on his long-term lease with the county.
Chris Klinger, deputy director of the county Department of Beaches and Harbors, said Los Angeles developer Jerome Snyder has been experiencing cash flow problems and has not paid rent on the Marina City Club condominiums, apartments, boat slips, dining and athletic facilities since November. The waterfront project, like all other developments in the marina, operates on publicly owned land administered by the county.
Michael Wise, chief operating officer for the J.H. Snyder Co., said the company intends to resolve the problem by Monday--the deadline for payment.
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