Tustin Legacy Project Seeks Developers
In early August the City of Tustin issued a call for developers to build nearly 1,000 new homes, a hotel, and nearly 1 million square feet of commercial space in the first five tracts of the Tustin Legacy project, located at the former Marine Corps Air Station. The city’s desire is to collaborate with highly qualified and well-financed developers who share the city’s vision for Tustin Legacy, and who will help the city create a vibrant new district in Tustin. Nine companies applied to act as builders on the first two sites. The finalists will be asked to submit detailed proposals for each site, which will be evaluated by a team that includes city redevelopment agency staff and consultants with expertise in development and finance.
As part of the revised Tustin Legacy Disposition Strategy, the city will subdivide approximately 420 acres for sale to private sector developers for certain land uses and infrastructure improvements. This could mean new businesses developments within the city which would subsequently create new job opportunities and enhance Tustin’s economy.
Tustin Legacy is the biggest project at the 1,600-acre air base, which closed in 1999. The original plans for Tustin Legacy included 2,105 housing units and up to 6.7 million square feet of commercial space. The project stalled when master developers bowed out of the deal, saying that the depressed housing market won’t recover until 2016. But the city opted to act as master developer itself, dividing the project into 13 smaller parcels. For more information contact Dr. Wallace Walrod, Vice President of Economic Development and Research.