Cubreporter (Cubreporter)
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Registered: 6-2003
| | Posted on Monday, September 11, 2006 - 9:36 am: | |
Monday, September 11, 2006
Irvine sets park deal discussion
Developer would get to build more houses in exchange for compensation.
By SONYA SMITH
THE ORANGE COUNTY REGISTER
IRVINE – The City Council on Tuesday will open discussions on a proposed deal between the city and Lennar Corp. to allow the developer to build more houses on the Great Park in exchange for money, land, a shuttle system and a golf course.
Here's what the deal could mean for the Great Park:
Less commercial, more housing –The Lennar Corp. could build 5,875 more dwellings – bringing the total from 3,625 to 9,500. The company would drop 1.6 million square feet of commercial and industrial development, about 30 percent of the original plan.
More public land –The Great Park would gain 402 acres. This would make the park twice the size of New York's Central Park.
More money for the park –The original plan called for $672 million; the new proposal would give the park $1.451 billion.
Public golf course –Lennar would finance renovation of the old base's 18-hole golf course, build a new clubhouse and give the course to the city.
Affordable housing –Lennar would give 60 acres to the Irvine Community Land Trust.
The 60 acres will include 1,425 dwellings that will apply toward Lennar's city requirement to have 15 percent of its housing developed and priced as "affordable."
Shuttle system –Lennar would construct, operate and maintain a shuttle system for the park and Lennar areas.
Merge park construction –Lennar would act as the development coordinator for the public park's construction.
The council meeting starts at 4 p.m. Tuesday in City Hall at 1 Civic Center Plaza. Information: 949-724-6205.
CONTACT US: 949-553-2911 or ssmith@ocregister.com
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