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Wednesday, May 18, 2011

Shopping Center Owner Sells Parcel Wanted by Some Municipal Officials

• Real Estate Mogul Is Now the Owner


The possible acquisition of a Point Dume parcel for a possible city/private sector venture, including ballfields and a parking lot is off the table after Malibu city officials were advised the property has been sold.
In an email sent to the city, Zan Marquis, who had recently purchased the 11-acre site, informed municipal officials he had sold the property to Donald Sterling, who recently purchased the adjacent acreage known as Vital Zuman, the former Fig Tree Ranch.
“I have not given up on the shopping center. I am not going to sell it. I have not given up on the parking problem. I have given up on coming to terms with the city on this property,” said Marquis.
The shopping center owner explained that he paid $2 million for the vacant land, which is zoned rural-residential, and declined to say what he sold it for to Sterling. When asked if he knew or was told why Sterling bought the property he replied, “He said he had no plans.”
Marquis said he did have plans for the property but could never seem to come to terms with the city.
He said when he had approached one of the city council’s subcommittees there did not seem to be a favorable reaction.
He said the impression he took away from various meetings with the staff and in other closed session negotiations was that the city was interested in processing the required zoning to allow parking only if the city would end up as an owner interest.
City officials had been meeting with Marquis for several months over the parking problem at Point Dume Village which he owns.
Planning officials had explained to Marquis that he needs to acquire more parking in order to expand his shopping center.
Marquis had gone to a council subcommittee to find out how the city might be open to some kind of rezoning, but members told staff to hold back on that approach since it would involve citywide zoning changes.
Some council members pushed for the city to acquire the property and the closed door negotiations began.

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