header image

[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Clear
Clear
48°F
 
Calendar
Today in
S.C.V. History
March 24
1922 - Wyatt Earp's wife thanks William S. Hart for defending her husband's honor [story]
Wyatt Earp story


Raw land eyed for a controversial housing development at the mouth of Placerita Canyon is in foreclosure.

Comerica Bank has initiated foreclosure proceedings against Casden Santa Clarita LLC and five other Southern California projects of Beverly Hills-based Casden Properties LLC, saying it’s owed $33.7 million. A foreclosure sale is scheduled for Dec. 21 in Pomona.

Casden LLC – led by Beverly Hills multi-billionaire apartment developer Alan Casden – approached the city of Santa Clarita in 2005 with plans for a mixture of about 800 homes, apartments and condominium units on 95 acres east of Railroad Avenue north of 13th Street. Part of the property has been used since 1994 as a parking lot for the city’s annual Cowboy Festival.

Development was delayed for a variety of reasons. After Placerita Canyon homeowners protested over the density of the project, the city hired consultants to master-plan the 213-acre “North Newhall” area, consisting of Casden’s 95 acres and 44 smaller parcels. Casden agreed to pay half of the $850,000 plan’s cost.

Then the California Public Utilities Commission indicated it wouldn’t approve an at-grade rail crossing at 15th street as called for under both Casden’s original plan and the North Newhall plan.

Meantime, Casden Properties LLC had internal troubles of its own.

Casden brought in Cerberus Capital Management as an investor around the time it started pursuing its six development projects in Santa Clarita, Westwood, West Hollywood, Simi Valley, Oxnard and Ventura.

Casden building at Wilshire & Doheny

Based in New York, Cerberus is one of the nation’s largest private equity firms. It once owned The Newhall Land and Farming Co.’s commercial property through a holding company that eventually declared bankruptcy.

According to a Casden consultant who asked not to be named because he is not a direct employee of the company, Casden was the original managing partner of Casden Santa Clarita LLC and the company’s other Southland development firms. But Cerberus took over as the managing partner when it guaranteed $223 million in loans from five banks including Comerica – with all six Casden properties securing the loans.

The consultant said Cerberus and Casden “came to the conclusion” they weren’t right for each other because the projects were taking too long to get approved.

“Cerberus didn’t want to put them on the shelf,” the Casden consultant said, suggesting that Casden was willing to wait but Cerberus wasn’t.

But now, he said, Cerberus is taking too long to liquidate the partnership and Comerica is tired of waiting for its loan payments.

“Any one property could pay off the loan,” he said, laying the blame for the foreclosure entirely at Cerberus’ feet.

The Cerberus representative in New York who deals with the Casden properties did not return phone calls Monday.

The Casden consultant said the Newhall property is “still a viable site” for development, but it “still needs a turn in the economy” before that can happen.

Over at City Hall, the North Newhall Specific Plan gathers dust on a shelf.

“There are no active development plans being considered for the property,” said Paul Brotzman, the city’s director of community development.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

No Comments

    Leave a Comment


    Latest Additions to SCVNews.com
    1922 - Wyatt Earp's wife thanks William S. Hart for defending her husband's honor [story]
    Wyatt Earp story
    Joan Browning, "Freedom Rider," will appear via Zoom at St. Stephen’s Episcopal Church on Sunday, March 26 at 11:45 a.m.
    March 26: St. Stephen’s Hosts ‘Freedom Rider’ Joan Browning Via Zoom
    The Los Angeles County Department of Public Health confirmed 12 new deaths throughout L.A. County, 767 new cases countywide and 15 new cases in the Santa Clarita Valley.
    Thursday COVID Roundup: Total SCV COVID Cases Near 98,900
    The Santa Clarita City Council will hold a closed session special meeting Tuesday, March 28, beginning at 5:30 p.m., followed immediately by the council's regular open public meeting at 6 p.m. in the City Council Chambers on the First Floor of City Hall, 23920 Valencia Blvd., Santa Clarita, CA 91355.
    March 28: City Council Regular Meeting
    Angeli Francois, a College of the Canyons English adjunct instructor, has received a 2023 Hayward Award for ‘Excellence in Education’ from the Academic Senate for California Community Colleges for her dedication and commitment to serving and empowering students from diverse backgrounds and experiences.
    COC English Instructor Receives Statewide Hayward Award for Excellence in Education
    The Santa Clarita Valley Chamber of Commerce has announced the 14th annual State of the County is scheduled for Wednesday, May 31 at 11:30 a.m. at the Hyatt Regency Valencia, 24500 Town Center Drive, Valencia, CA 91355.
    May 31: Tickets on Sale for ’14th Annual State of the County’
    Guests are invited to search for a golden egg decal placed on any of the Outlets at Tejon, 5701 Outlets at Tejon Parkway, Arvin, CA 93203. retail windows. The Golden Egg Scavenger Hunt will be held April 4-8.
    April 4-8: Outlets at Tejon Golden Egg Scavenger Hunt
    A free, timely and important LifeForward workshop, “Be the Boss of Your Money – Make it Work for You!” hosted by Zonta Club of Santa Clarita Valley, will be held Saturday, April 1 from 10 a.m. to 12:30 p.m.
    April 1: Be the Boss of Your Money LifeForward Workshop
    Tucked between the River Village neighborhood at Duane R. Harte Park is one of the most unique and hidden amenities in Santa Clarita. Home to the city of Santa Clarita’s Trail Tales, this serene location offers families and visitors a beautiful spot to take a leisurely walk along the paseos while enjoying the shade of the massive oak trees and reading a children’s story displayed on podiums dotted along the path.
    Ken Striplin | Read a Tale Along the Trail!
    A total of 56 vulnerable foster youth have found housing with the help of Fostering Youth Independence since the local non-profit’s founding in 2017.
    Fostering Youth Independence Works to House Homeless Youth
    The Santa Clarita Valley Economic Development Corporation has announced that California-based Vallarta Supermarkets will relocate its corporate headquarters from Pacoima to the Santa Clarita Valley in late 2023.
    Vallarta Supermarkets to Move  Corporate HQ to SCV
    Officials at Placerita Canyon State Park and Nature Center have closed the popular Canyon Trail, one of the park's longest trails, indefinitely due to damage from recent storms.
    Canyon Trail Closed Due to Storm Damage
    1886 - Film director Robert N. Bradbury born in Washington state; launched John Wayne's career in Placerita Canyon [watch]
    Blue Steel
    Playing for the third time in five days, the CSUN women's tennis team extended its longest winning streak since 2015 to nine as the Matadors defeated Chaminade 7-0. CSUN's nine-dual winning streak is tied for the fifth-longest in school history with the 2006 and 2015 teams.
    CSUN Women’s Tennis Extends Winning Streak Against Chaminade
    The Los Angeles County Department of Public Health confirmed Wednesday no new deaths and 22 new cases in the Santa Clarita Valley, with 12 additional deaths and 537 new cases countywide.
    Wednesday COVID Roundup: Santa Clarita Adds 22 New Cases to the Count
    The Santa Clarita Public Library is inviting teens and tweens to the Canyon Country Community Center for Teen Fan Fest. 
    April 7: Santa Clarita Library Brings Teen Fan Fest To Canyon Country Community Center
    Circle of Hope Inc., a non-profit organization in Santa Clarita dedicated to providing emotional, financial, and educational support to individuals and families affected by cancer, is thrilled to announce their upcoming Hoedown For Hope Music Festival and BBQ fundraising event.
    May 20: Circle of Hope Announces Hoedown for Hope
    The Santa Clarita Artists Association is presenting their 9th annual Spring Art Festival and Sale.
    April 30: Art Show At La Chene French Cuisine
    Global accounting and consulting giant EY has donated $850,000 to support accounting students and faculty at California State University, Northridge.
    EY Gift to Support CSUN Accounting Students, Faculty
    Girl Scouts of Greater Los Angeles has openings at its all-girl summer camps and are enrolling now for camps that take place June through August. Openings are at day camps in Inglewood and Claremont, and overnight camps in Frazier Park.
    Girl Scout Summer Camps Now Open For Enrollment
    Californians who need to renew a permanent disabled person parking placard before June 30, 2023, have 100 days left until their placards expire.
    100 Days Left to Renew Disabled Person Parking Placards Expiring in June
    Beginning Monday, March 27, crews will start the construction of median modifications, paving, grinding and overlay operations along Plum Canyon Road, between Bouquet Canyon Road and Skyline Ranch Road.
    March 27: Plum Canyon Median Modification Begins
    1875 - Construction begins on San Fernando Railroad Tunnel [story]
    San Fernando Railroad Tunnel
    On March 21, 2023, the Los Angeles County Board of Supervisors unanimously approved a motion adopting a plan for the County Probation Department’s halls and camps, specifically as it relates to establishing Secure Youth Treatment Facilities following the transfer of juvenile serious offenders from state to county custody.
    Supes Approve Plan to Not House Serious Juvenile Offenders at Camp Scott
    SCVNews.com
    %d bloggers like this: