San Diego Gas & Electric Co. has agreed to pay nearly $10.7 million to the developers of StoneBridge Estates in Scripps Ranch to retain and improve transmission lines that run through the property.
The utility initially had offered $759,000 to buy the 33-acre corridor through the 1,260-acre development of more than 800 homes, said Kenneth C. Turek, a lawyer for The Corky McMillin Cos. and Brookfield Homes.
The developers valued the property at $14 million but accepted nearly $10.7 million as part of a March settlement agreement, Turek said.
“It's a great result from where they started,” Turek said. “We just thought the original offer was ridiculously low.”
SDG&E had erected the transmission lines through an easement to use the property, which expired in December 2004, Turek said.
“We're satisfied with the settlement,” said SDG&E spokesman Eddie Van Herik.
