Owners of Ocean Bluff to Submit Scaled-Back Plan for Development
The owners of a parcel of property on an ocean bluff will submit to the city this week a scaled-back development plan for Treasure Island Mobilehome Park, a co-owner said Monday.
“We are going full steam ahead,” said Costa Mesa businessman Richard Hall, who with Merrill Lynch Hubbard, the real estate branch of New York investment company Merrill Lynch, heads a partnership that owns the parcel.
The development proposal will be the third submitted by Treasure Island Associates and calls for 97 home sites and a 100-room hotel. The first plan called for 268 homes, the second 192, and both included a 300-room hotel.
Though city leaders say they would prefer a project with fewer homes, they are eager to proceed with the development because it would boost tax revenue and, for the first time, allow public access to that strip of coastline.
The project has been in limbo for about four months.
Hall said Monday that the delay was necessary to allow the landowners to update market studies and consider their options.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
