California Marine base to become a residential development

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Irvine, Calif., officials last week granted final approval for the development of up to 5,000 homes on the old El Toro Marine Corps base. The development has a 10-year timeline and includes more than 500 affordable-housing units.

 

September 27, 2011
residential construction, housing market, new homes sales

residential construction, housing market, new homes sales

Last Tuesday, elected officials in Irvine, Calif., granted final approval for 5,000 homes on the old El Toro Marine Corps base, according to the Orange County Register.

The residential development – which has a 10-year timeline and includes more than 500 affordable-housing units – will boost the land’s value and, in turn, help fund the Orange County Great Park.

Tuesday’s action by the City Council was a milestone in a six-year roller coaster ride that began with the base’s sale by the federal government in 2005.

After that, a private developer transferred a portion of the land to Irvine for the Great Park, and city officials spent tens of millions of dollars designing a world-class recreation venue. When the time came to build the park, however, the housing market went belly up, stalling development and undercutting Irvine’s method of funding its ambitious plans.

By approving the homes, as well as shops and offices, Irvine sets the stage for receiving redevelopment money, which relies on increased property values.

For more information: www.ocregister.com/articles/park-316992-fivepoint-great.html

 

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