City closes book with $2 million CenterCal settlement
by Garth Meyer Last Friday evening, Redondo Beach City Attorney Mike Webb announced the city will pay $2 million to settle five lawsuits by CenterCal/Redondo Beach Waterfront. The statement followed a 5-0 closed session vote by the council to approve the settlement. Upon Webb’s announcement, the five councilmembers applauded. The lawsuits were related to breach-of-contract claims after a $400 million plan to revamp the waterfront in a public-private partnership ended in 2018. The settlement was also agreed to by Fred Bruning, chairman and founder of CenterCal, the City of Redondo Beach, and W. Gregory Geiger, principal and portfolio manager of Westport Capital, the lead investor in the project. “This is a great victory for the City and its residents,” Webb said. “After years of uncertainty, the City can now move forward to create the waterfront that its residents want and deserve – free of the cloud of uncertainty created by a disgruntled developer.” The lawsuits had sought almost $20 million. During the litigation Redondo waterfront tenants’ leases were subject to termination at 30 days notice. The pier-area development efforts stalled when then-city councilmember Bill Brand led…
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