FivePoint Begins $250M Improvement Plan

IRVINE, CA—The development manager of Great Park Neighborhoods begins the historic demolition of former military runways at the park, the first phase of its program to construct a wide range of outdoor amenities there.

By Carrie Rossenfeld | Updated on October 08, 2014

IRVINE, CA—FivePoint Communities has begun historic demolition of former military runways at the Orange County Great Park here, the first phase of a $250-million improvement program that will accelerate construction of a wide range of new sports, recreational and environmental amenities at the park. The firm, which is the development manager of the master-planned Great Park Neighborhoods, will develop 688 acres of the Great Park’s nearly 1,300 acres as part of an agreement approved by the Irvine City Council in November 2013.

All of the improvements will be funded privately by FivePoint, but they will be returned upon completion to the City of Irvine as public amenities. The agreement also includes provisions that allow the City of Irvine to realize more than $1 billion over 40 years for Great Park operations and maintenance.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

Unlimited access to GlobeSt and other free ALM publications
Access to 15 years of GlobeSt archives
Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
1 free article* every 30 days across the ALM subscription network
Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account? Sign In Now

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

Recommended Stories

The Twisty Turny Future for Multifamily

Erik Sherman | December 07, 2023

Depending on where you operate, there will be rising vacancy, cooling rents, but more long-term renters.

A New Source for Net Lease Construction Financing Enters the Market

Erik Sherman | December 05, 2023

The JV launches at a time when capital is scarce.

Markets Aren’t Always Right About Rate Cuts

Erik Sherman | December 07, 2023

Some cooler heads are cautioning that any reductions in rates by the Fed will take longer than many assume.

Resource Center

HVAC use accounts for 50% of the total energy consumption of your commercial office buildings. Why wouldn’t you optimize its efficiency? Download this white paper and learn how you can slash costs, enhance tenant satisfaction, and boost sustainability.

Report

Sponsored by Building Engines

The ROI of HVAC Optimization in Commercial Office Buildings

HVAC use accounts for 50% of the total energy consumption of your commercial office buildings. Why wouldn’t you optimize its efficiency? Download this white paper and learn how you can slash costs, enhance tenant satisfaction, and boost sustainability.

Browse More Resources ›

This white paper delves into the alarming surge in renter fraud within the multifamily housing sector. Discover the various drivers behind these trends and how you can stay ahead of the evolving fraud landscape.

White Paper

Sponsored by TheGuarantors

Addressing the Surge of Renter Fraud in Multifamily Housing

This white paper delves into the alarming surge in renter fraud within the multifamily housing sector. Discover the various drivers behind these trends and how you can stay ahead of the evolving fraud landscape.

Browse More Resources ›

What are your goals as an asset or property manager? This interactive tour walks you through customizing your own platform to help meet your goals such as maximizing revenue, optimizing operations, adding value to your properties, and attracting the right tenants.

Interactive Resource Center

Sponsored by Building Engines

How Prism helps CRE Managers Exceed Goals

What are your goals as an asset or property manager? This interactive tour walks you through customizing your own platform to help meet your goals such as maximizing revenue, optimizing operations, adding value to your properties, and attracting the right tenants.

Browse More Resources ›

GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
Exclusive discounts on ALM and GlobeSt events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now

Copyright © 2023 ALM Global, LLC. All Rights Reserved.