Santa Rafael’s newly approved Loch Lomond development for sale
by Jennifer Upshaw
Marin IJ
10/15/07
The land and rights to build at Loch Lomond Marina are for sale, a residential developer involved with the East San Rafael property said Monday.
Bruce Dorfman, principal of Mill Valley-based developer Thompson Dorfman Partners – which shepherded the plans through a six-year city approval process – said Los Angeles-based owner Oaktree Capital Management is looking to sell.
“They finance development and that’s what they did,” he said. “At this stage in the game, they’re at the point that their investment horizon has been reached and it’s time for them to return their investment.”
The City Council in August approved the bayfront mixed-use development on land that includes 29.5 acres of dry uplands, an approximately 37.5-acre marina basin and an estimated 64 acres of open water.
The planned development, called the Village at Loch Lomond Marina, includes 81 residential units, 22,250 square feet of commercial space, a new full-service grocery store and a shoreline park. The boat marina would remain.
Oaktree officials could not immediately be reached for comment. No sales price has been negotiated, Dorfman said.
Thompson Dorfman is hoping to buy, and is talking with several interested parties about teaming up to scoop up the waterfront land, Dorfman said. Plans call for construction to begin this spring.
“We want to stay involved with this – consequently we’re doing our best to final a capital partner,” he said. “It’s a wonderful project.”
The change should have little impact on the community, city officials said.
“It shouldn’t really mean much,” Community Development Director Bob Brown said. “The project has to be built precisely as it was approved.”