Park del Amo, the massive residential-commercial project going up adjacent to the Madrona Marsh, has been divided into two separate projects by the developers.
Ray Watt has split from the Torrance Investment Co., the firm formed by several South Bay developers to build the project, and has purchased 62 acres of the 182-acre parcel to develop the residential portion of the project. No price was announced.
Watt's company, Park del Amo Builders, will develop 1,225 residential units in five villages.
Torrance Investment will build 850,000 square feet of office space and a 256-unit residential village already under construction. Torrance Investment will also be solely responsible for settlement of a dispute with the city over a wetland next to the project.
The City Council approved plans for the project in 1983 only after the developers agreed to dedicate to the city 34.4 acres of the wetland, known as Madrona Marsh, and sell to the city an additional 8.5 acres. The land will be used for a wildlife preserve.
The city and the developers have argued over whether the land should revert to the developers if the marsh dries up. The City Council two weeks ago directed City Atty. Stanley Remelmeyer to file suit to let the court decide how the deed should be worded.