Pasadena : Developer Deadline Lifted
The new developers of One Colorado, formerly known as the Marketplace shopping mall, cleared their first major hurdle this week after the Board of Directors lifted a Dec. 27 deadline for the developers to prove they had the money to build the project.
The board instituted the deadline in June, threatening to void its approval of the project and take it over through eminent domain if development continued to drag on as it has for the last five years.
The board agreed to drop the deadline after receiving a letter from Berisford Capital Corp., stating its commitment to fund the construction of the $70-million project. Berisford Capital is a subsidiary of S & W Berisford PLC, a leading British commodity trader.
The project was purchased last month by Berisford Capital, the San Francisco-based Stitzel Co. and San Francisco developer Leslie Schilling.
The board has scheduled a public hearing on Jan. 9 to consider new deadlines to ensure the project continues to move forward.
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