Orange County Supervisors To Consider El Toro Parcel Development Plan
The Orange County Board of Supervisors is scheduled to consider the proposed 100-acre El Toro Parcel Development Plan at its meeting Tuesday.
The 100-acre parcel is adjacent to the Great Park in Irvine. The development plan from Lowe calls for 1,998 multifamily units, up to 1M SF of office, 200K SF of retail and a 242-room hotel.
The project would redevelop a section of the former Marine Corps Air Station El Toro. The County of Orange, City of Irvine and Irvine Redevelopment Agency took steps in 2003 to annex and reuse the air station. Lowe was selected to develop the 100-acre parcel in 2012.
A larger project was initially proposed for the site, but scaled back to better meet community demands and concerns.
“The county and Lowe conducted significant market analysis, extensive community outreach and listened carefully to stakeholders' comments,” Lowe Senior Vice President Rob Reitenour said in a statement. “With this valuable input, we proposed a smaller project known as the Reduced Density Alternative that will unite retail, recreation, hotel, apartments and office uses to create a destination and add vibrancy to the community.”
The alternative plan is projected to create about $2.5M in one-time sales tax revenue and nearly $1.6B in annual economic output. The plan is expected to create more than 9,000 jobs yearly. Compared to the initial plan, the alternative plan is expected to reduce vehicle trips by 25%, supports mass transit and would create more affordable housing.
The board will consider the plan and the final program environmental impact report at its meeting.