Key piece of funding in $97M effort to preserve, restore Banning Ranch falls into place

A decades-long effort to turn a 384-acre oil field near the Santa Ana River into an open space park came closer to reality Thursday as the state’s Coastal Conservancy approved spending up to $11.5 million to complete the acquisition of Banning Ranch.

The Newport Beach property is the largest remaining private coastal parcel between Ventura County and the U.S./Mexico Border. Preservationists labored for years to secure the $97 million necessary to purchase the site, after city voters approved the effort in 2006.

Conservancy officials said Friday the acquisition presents an opportunity to enhance coastal resources damaged by decades of oil production and create new park space in a highly developed coastal region.

“Public ownership of Banning Ranch will enable the restoration of ecological resources and the protection of cultural resources,” officials said in a statement. “[It] will provide public access opportunities, such as trails and potentially low-impact overnight accommodations.”

Orange County Supervisor Katrina Foley, who spoke in favor of the move in the agency’s meeting Thursday, said a vision long held by many in the community is finally coming into focus.

“It was an historic vote,” she said Friday, adding escrow could close by June 30.

A donation of $50 million in 2019 from Newport Beach philanthropists Frank and Joann Randall to the nonprofit Trust for Public Land helped secure an exclusive agreement with the owners of Banning Ranch for the acquisition.

Foley said finally securing the necessary funds will allow for remediation of the property, a process that could take years to complete.

“It’s kind of a dream to think of families being able to ride bikes all the way to the Santa Ana River Trail down to this amazing space,” she said. “To be able to have access to such a beautiful natural environment with stunning views is really special.”

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