Venerable Irvine builder SunCal Cos. said Thursday that it would seek federal bankruptcy protection for two of its premier planned residential developments in Southern California -- including a 45-story luxury Westside tower on one of the region's most valuable pieces of land.
Faced with the loss of a major investor and a collapse in the demand for new homes, the company plans to file today for Chapter 11 protection for its proposed skyscraper at 10000 Santa Monica Blvd. -- designed by renowned French architect Jean Nouvel and the subject of a battle over the land two years ago that involved Donald Trump.
SunCal on Thursday also filed for protection for Marblehead, a 313-home planned community on a coastal plateau in San Clemente that has been the subject of controversy for decades.
The bankruptcies come against a backdrop of trouble for the privately held SunCal, which along with other builders is facing crushing financial difficulties.
LandSource Communities Development, the parent company of the developer building the 21,000-home Newhall Ranch community near Santa Clarita, filed for Chapter 11 bankruptcy protection in June. Utah-based Woodside Homes Inc. filed for bankruptcy protection in September.
Reported by Los Angeles Times (11/14/2008)
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