O.C. Park Plan Would Nearly Triple Homes
The developer of the property surrounding the Orange County Great Park wants to cut back on businesses and nearly triple the number of homes while adding 400 acres to the park site.
Emile Haddad, chief investment officer for builder Lennar Corp., said that since the original park plan was developed, the need for housing had become greater in a county where the median home price is more than $600,000.
The additional homes would be concentrated around the southern end of the park in what project leaders say will be a mix of multi-unit buildings, shops and restaurants that will take advantage of its proximity to the Amtrak and Metrolink station and the Santa Ana Freeway. The developer will also pay to operate a shuttle system to serve the area.
The revised proposal was unveiled Tuesday before the Irvine City Council. In a preliminary step, the council voted to allow the developer to move forward with the revisions.
The proposal still must go through a lengthy approval process.
Planning continues to convert the former El Toro Marine base into a recreational oasis in the heart of suburban Orange County. Miami-based housing giant Lennar Corp. purchased the former base from the Navy for $650 million last summer. It gave the 1,350 acres for the park at the center of the project to Irvine and signed a development agreement with the city to build on the remaining land.
The proposed park design includes a deep canyon that will hold a lake, hot-air balloons and an amphitheater.
Initial plans called for 3,625 homes and 5.3 million square feet of commercial and industrial space. But under the agreement developers and Mayor Beth Krom and Councilman Larry Agran have been negotiating since November, Lennar would build 9,500 homes while reducing the commercial space to 3.7 million square feet. Lennar would also give Irvine 400 acres, which would include a company-built golf course and land for low-cost housing.
The changes would mean that tax revenue that can be used to build the park would more than double to $1.45 billion.
Lennar is also loaning the city $200 million to begin construction of some features, to ensure there will be attractions when the company begins selling homes in 2009. Possible early facilities include multicultural and transit centers.
