HomeMy WebLinkAboutPOWERPOINT PRESENTATION - DISPOSITION PACKAGE 1CDisposition Package 1C
Selection Process
• City Council confirmed Short Listed Developers for the
Disposition Packages based on recommendations of
Expert Panel in Fall 2011
• RFP's for Disposition Packages 1 C issued in March
2012 to:
■ CJ K/Acacia Partners
■ Regency Centers Acquisition, LLC
■ Marinita
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Selection Process -Continued
• May 21, 2012 responses to the RFP were received from the
three short listed developers.
• Developer proposals were ranked by a Technical Evaluation
Team representing City Manager's Office, Community
Development, Public Works and City Consultants on June 20,
2012. Technical Committee had 6 members.
• A sub -committee of the Technical Evaluation Committee
interviewed each developer entity on June 28, 2012.
Reference checks were completed by July 10, 2012. Sub -
Committee had 5 members.
• The Committee recommendation to the City Council is for
authorization to enter into an ENA with Regency Centers
Acquisition, LLC.
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Disposition Amas
1A Tustin Ranch Road Project
1B Neighborhood G South
1C Neighborhood B /Ramp Parcel
2 Nei ghborhood D South (Tustin Rand, Road Edge)
3 Nei ghborhood D North (North of Wa mer)
4 Nei ghborhood E (Old Phase II, Armstrong Road Edge)
5 Nei ghborhood E (Old Phase I, Red Hill Avenue Edge)
6 Neighborhood G Central
7 Nei ghborhood G North
8 Neighborhood D South (Armstrong Edge)
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CITY OF TUSTIN
Disposition Area Index Map
Project - Neighborhood Center
■ Parcel 1 C (westerly portion) is 22.67 gross acres
■ Located east of Kensington Avenue, south of Edinger
Avenue, west of Tustin Ranch Road (currently under
construction) and north of Valencia Avenue (to be
constructed in 2012/13).
■ Subject to entitlements and negotiations in the DDA,
Regency proposes to construct 184,640 sq. ft.
• 99,000 square feet — contain uses typically found
in a neighborhood center including a grocery
market, drug store, in-line shops, fitness club and
restaurant pads.
• 45,000 square feet - medical office uses.
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Qualifications of Regency
• Regency Centers Acquisition, LLC is a wholly owned
subsidiary of Regency Centers Corporation
• Regency operates as a real estate investment trust
(REIT). It is a publicly traded company on the NYSE.
Established in 1963; became a REIT in 1993. Current
market value is 4.386.
• Through its subsidiaries, owns, operates, and develops
community and neighborhood shopping centers that are
tenanted by grocers, category -leading anchors, specialty
retailers, and restaurants.
• Owns over 217 retail shopping centers located in 24
states; partial interests in 147 retail shopping centers
through joint ventures in 24 states; 40 centers in
Southern California.
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Conveyance and Development
■ Regency to acquire site and construct on-site
improvements with cash from developer's resources;
will not be contingent upon a third party lender or a
third party investor.
■ Disposition and Development Agreement (DDA)
• Developer will pay the Tustin Legacy Backbone Infrastructure
Program.
• Purchase price, and the methodology and approach for Profit
Participation by the City in the project.
• Conveyance of property in an "as -is -where is" condition.
• Product mix based on the proposed project.
• Mortgage limitations and subordination.
• Remedies and termination rights.
• Entitlements stated in the Development Agreement (DA��
TUSTIN LEGACY