HomeMy WebLinkAboutPOWERPOINT PRESENTATION-TUSTIN LEGACY ENULIV
TUSTIN LEGACY
DEVELOPER SELECTION
AND EXCLUSIVE AGREEMENT
TO NEGOTIATE
Early Disposition Packages 1A North and 2A
1 \
TUSTIN LEGACY
PROCESS
City solicited interest in four Early Opportunity
Sites at Tustin Legacy in summer of 2011 based
on revised Disposition Strategy
• Interviews of Development Entities interested in
the properties by Expert Panel (based on
specific land use type)
• Panel Recommends Developers to be short-
listed for the RFP Process on 1A North and 2A
• City Council confirmed short listed Developers
for the Disposition Packages
Z TUSTIN LEGACY
PROCESS -CONTINUED
• RFP's for Disposition Packages 1A North and 2A were
issued in late December 2011 to the following short listed
Developers:
Disposition Package 1A North
■ Irvine Company
■ St. Anton Partners
■ Bridge Housing
Disposition Package 2A
■ Irvine Company
■ Archstone
■ BRE
• RFP permitted respondents to assemble other team
members.
3 /TUSTIN LEGACY
PROCESS -CONTINUED
• On February 24, 2012 responses to the RFP's were
received from the following:
Disposition Package 1A North
■ St. Anton Partners with a Letter of Agreement on
Affordable Housing Units with the Irvine Company
■ Bridge Housing
Disposition Package 2A
■ Irvine Company with a Letter of Agreement on
Affordable Housing Units with St. Anton
■ Archstone and Jamboree Housing
4 /TUSTIN LEGACY
DESCRIPTION OF SITES 8c PROPOSALS
• Disposition Package 2A
■ Approx. 20 acres located at southwest
intersection of Tustin Ranch Rd/Warner Ave.
■Subject to entitlements and density bonus
application approvals -up t0 533 units at 25.91
units/acre; with 37 affordable moderate income
units
■ Developer to complete Infrastructure to portion of
Park Avenue, portion of Warner Ave., portion of
Carnegie, portion of Barranca Parkway and
Barranca Channel.
5
/TU'STIN LEGACY
DESCRIPTION OF SITES 8c PROPOSALS -
CONT.
• Disposition 1A North
■ Approx.
8 acres + 4.7
acre park site to
be located
between
future Tustin
Ranch Road and
future Park
Ave., south of future Legacy Road which are under
construction.
■ Subject to entitlements and density bonus
application approvals -up to 225 units at 27.87
units/acre; all of which will be affordable with 88
very low income units, 73 low and 64 moderate
income units.
■ Developer to design and complete an approx. 4
acre private park
/TUSTIN LEGACY
PROCESS - CONTINUED
• RFP responses were ranked by a Technical Evaluation
Team representing City Manager's Office, Community
Development and Public Works and outside City
Consultants RBF and SMS Architects, special real estate
counsel Amy Freilich.
• References checked and smaller sub -committee of
Technical Evaluation Committee also interviewed on all
teams and references were also thoroughly checked.
7 /TUSTIN LEGACY
BASED ON REVIEW OF PROPOSALS
• Based on review of price and potential terms of
conveyance, the Irvine Company were
recommended for negotiation of transactions on
Disposition Package 1 A North and 2A as the
lead.
• ENA has been prepared with Irvine Company
taking the lead on the Agreement, and St. Anton
identified as an prequalified vertical builder or
assignee for Disposition Package 1A North.
8 /TUSTIN LEGACY
MAJOR NEGOTIATION ITEMS
• Terms and conditions of conveyance including, but not
limited to, conveyance in an "as -is -where is -and with all
faults" condition
• Development and construction of the projects at no cost
and expense to City
• The product mix and density transfer/density bonuses
that must be applied for and granted for the projects
• Tustin Legacy Backbone Infrastructure Program costs
and installation requirements
Local infrastructure costs and installation requirements
transfer and assignment restrictions
Mortgage limitations and subordination
Remedies and termination rights
9 /TU'STIN LEGACY