A California investment firm says it is ready to pour more than $500 million into finally finishing Point Ruston, pitching a scaled-back buildout that would add about 125 condominiums, a private club, a grocery, and a new waterfront park. The plan was rolled out at a Ruston City Council meeting on Jan. 20 as an introduction, not a formal ask. Council members listened, asked questions, and took no action. Backers cast the concept as a way to both wrap up the long-delayed village and rethink how capped Superfund parcels are used.
Who’s behind the pitch
The proposal comes from the TerraCotta Group, an El Segundo-based investment and lending firm that has been pressing to collect development debt at Point Ruston. TerraCotta holds, or is negotiating to…..