IRVINE, CA—FivePoint Communities has begunhistoric demolition of former military runways at theOrange County Great Park here, the first phase ofa $250-million improvement program that will accelerateconstruction of a wide range of new sports, recreational andenvironmental amenities at the park. The firm, which is thedevelopment manager of the master-planned Great Park Neighborhoods, will develop 688acres of the Great Park's nearly 1,300 acres as part of anagreement approved by the Irvine City Council inNovember 2013.

All of the improvements will be funded privately byFivePoint, but they will be returned uponcompletion to the City of Irvine as publicamenities. The agreement also includes provisions that allow theCity of Irvine to realize more than $1 billion over 40 years forGreat Park operations and maintenance.

When completed, the park improvements will include a 176-acresports park, a 41-acre wooded Bosque area, a 185-acre public golfcourse with practice facility and clubhouse, a 36-acre upperBee Canyon and a 178-acre wildlife corridor. Allof the amenities will be provided at no public expense byFivePoint, which is also providing funding necessary to studyadditional park amenities.

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.