Developer to Pay City for Scaling Back Plan
Developers of a shopping center can scale back plans but must pay the city about $550,000 that would have been generated in sales tax over the next decade had the project been built as proposed in 1995.
The City Council agreed last week to approve a change to its Rancho San Clemente Specific Plan, allowing developers to reduce the project’s commercial space from 525,000 square feet to 423,000 square feet.
Representatives of Rancho San Clemente Partners said the reduction was needed because there was little or no market for commercial space in the northern portion of the project.
Work on the 162-home residential portion of the 142-acre project near Avenida Pico and Avenida la Pata already has begun.
The developers are seeking tenants for a proposed 2,200-seat multiscreen theater complex and a supermarket. Plans for a Wal-Mart store are expected to be complete in about a month.
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