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Long Beach settles $105M suit, paving way for Superblock project
Lawsuit alleged city didn't support proposal for apartments on long-vacant site
The Long Beach City Council on Tuesday approved a settlement of a $105 million lawsuit by developer iStar over development of an oceanfront parcel, according to Newsday.
Details on the settlement are scarce, but it will end a three-decade-plus fight about building housing on the so-called Superblock property.
The Haberman family bought the vacant property from the city in the 1980s but its plan for high-rise residential towers fell through, so it remained vacant, according to the Long Island Herald. The city is still dealing with a lawsuit from the Haberman family over that failed project.
A few years ago iStar came into the picture, proposing luxury apartments for the six-acre site. But the Nassau County Industrial Development Agency denied the request and iStar sued the city for failing to support its bid.
The settlement includes a sale of the Superblock property to developer Engel Burman, which plans to build a 438-unit mixed-use complex. The city will credit Engel Burman $2.5 million for fees already paid to the city, and the developer will complete $3 million worth of infrastructure improvements. [Newsday] — Dennis Lynch