Recently I talked with Mike Ellzey, the Chief Executive Officer of the Orange County Great Park Corporation, the nonprofit public benefit organization charged with the design, construction, and maintenance of the Orange County Great Park in Irvine, California. We spoke soon after the city struck a new deal with the project’s related housing developer that puts the park back on solid ground after the 2008 real estate crash and the state’s dissolution of its redevelopment agencies threatened its completion.
The Orange County Great Park is the official name for the park portion of a reuse plan for the decommissioned Marine Corps Air Station, El Toro, in Irvine, California. The 2002 voter approval for this very ambitious project ($1.4 billion budget) – after 3 previous initiatives failed – envisioned a team of partners to bring off the project, including a public nonprofit corporation charged with the design, construction, and maintenance of the Orange County Great Park.
Following the annexation of the property by the city of Irvine in 2003, the Navy held an online auction for the El Toro property. Miami-based Lennar Corporation purchased the entire property for $650 million and entered into a development agreement with the City of Irvine. Under the terms of the development agreement, Lennar was granted limited development rights to build the Great Park Neighborhoods in return for land and capital – $200 million – to allow the construction of the Great Park. Continue reading
Filed under: economics, green infrastructure, maintenance/management, partnerships, planning, programming, renewal | Tagged: BRAC, California, Kathy Blaha, Orange County Great Park, P3s, public-private partnerships | Leave a comment »