2:00pm | The Long Beach City Council voted last month to finalize the proposed land swap with developer Tom Dean to acquire his east Long Beach wetlands property in exchange for the City’s public service yard on the westside. Last Friday, the deal formally closed escrow and was announced in the following statement today by the deal’s spokesperson Mike Murchison:
“LCW Partners is proud to announce that escrow closed this past Friday, (June 4th) with the City of Long Beach regarding the land exchange and it was recorded with the County of Los Angeles earlier today. This was a complicated public-private transaction that required the expertise of quite a few people and we would like to thank everyone involved.”
In August 2009, Dean told the lbpost.com that the proposed swap had to be approved by the City Council that night or he would pull the deal from the table. (It was narrowly approved by a 5 to 4 vote hours later) In December 2009, Dean told the Press-Telegram that the deal had to enter escrow by the end of the year. It didn’t, but the deal wasn’t pulled leading to the recent Council vote and the closing of escrow late last week.
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