Local News in Brief : Cypress : Churches to Buy Portion of Race Course Property

Two churches have signed letters of intent to purchase up to 19 acres of the Los Alamitos race track property, officials said Wednesday.

The First Baptist Church of Los Alamitos plans to buy at least four acres and Grace Church of Rossmoor will buy 10 to 15 acres, said officials with SDC Development Ltd., which has entered into an agreement to buy the 300-acre site.

Church officials said they plan to move from their present sites and build new facilities on the northwest corner of the race track property, located at Cerritos and Lexington avenues. Those facilities will include playing fields, playgrounds, a full-size gymnasium and school yards available for public use, they said.

The purchase price is still being negotiated, officials said, and it will not be determined until the churches decide the exact amount of acreage they will need.

SDC Development of Newport Beach agreed two weeks ago to buy the property from Hollywood Park Realty Enterprises for $100 million. The company plans to develop it into retail, office and industrial use.

Hollywood Park Realty bought the land in 1984 for $63 million but never developed it because of a lengthy legal battle with residents who opposed closing a golf course on the property and the loss of such open space to the community.

To appease residents, the new buyer has pledged to set aside at least 16 acres for open public or community space. In addition, SDC Development agreed to spend $11.3 million to refurbish the race track and improve adjacent roads, sewers and water facilities.