3rd Annual Turning Red Tape Into Red Carpet Award for Real Estate Redevelopment and Reuse
City of Laguna Hills: Oakbrook Village Redevelopment Project
The City of Laguna Hills demonstrated significant flexibility and creativity in working with the property owner of a prominent shopping center, Oakbrook Village, to attract and retain major retailers while redeveloping obsolete or failing portions. The partnership was successful in attracting new business to the center, while also developing 489 residential units to provide much needed workforce housing in the area. Redevelopment of this property marks a key phase in the strategic transition from auto- dominated to mixed-use with a balance of retail and housing. The project also includes a unique “Retail Loss Impact Fee,” which provides the city with protection against unforeseen erosion in its sales tax base. For more information contact Matt Petteruto, Vice President, Economic Development.