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HomeMy WebLinkAbout14 RECOMMENDATION OF PROPOSALS TO PROCEED TO ROUND TWO FOR THE COMPETITIVE OFFERING FOR PLANNING AREDocusign Envelope ID: 47B48E94-1B62-4DDC-B7B6-D9C96DFBBOD2 MEETING DATE TO FROM Agenda Item 14 AGENDA REPORT Reviewed: City Manager Q�S �_ Finance Director N/A SEPTEMBER 16, 2025 ALDO E. SCHINDLER, CITY MANAGER BRIAN MONCRIEF, DEPUTY CITY MANAGER — REAL PROPERTY SUBJECT: RECOMMENDATION OF PROPOSALS TO PROCEED TO ROUND TWO FOR THE COMPETITIVE OFFERING FOR PLANNING AREA 10 OF THE PACIFIC CENTER EAST SPECIFIC PLAN SUMMARY: Nine (9) proposals are recommended for City Council consideration to proceed to Round Two for the competitive offering for Planning Area 10 of the Pacific Center East Specific Plan. The recommendation is made by a staff supported, Mayor appointed Ad -Hoc Committee composed of Council Members Ryan Gallagher and Ray Schnell. RECOMMENDATION: It is recommended that the City Council take the following actions: 1. Authorize staff and the City's broker Jones Lang LaSalle to inform nine (9) proposers from the competitive offering for Planning Area 10 of the Pacific Center East Specific Plan that they will be proceeding to Round Two; and 2. Authorize staff to further reduce the number of proposals that will ultimately be recommended to the City Council for consideration at a later date. FISCAL IMPACT: There is no fiscal impact associated with this item. CORRELATION TO THE STRATEGIC PLAN: The recommendation of proposals to proceed to Round Two contributes to the fulfillment of the City's Strategic Plan Goal A: Economic and Neighborhood Development. Specifically, this item implements Strategy 4, which is to develop a disposition and entitlement strategy for City -owned property in Pacific Center East. BACKGROUND AND DISCUSSION: Docusign Envelope ID: 47B48E94-1B62-4DDC-B7B6-D9C96DFBBOD2 City Council Agenda Report Recommendation of Proposals to Proceed to Round Two September 16, 2025 Page 2 On March 4, 2025, the City Council authorized staff to release a competitive offering for Planning Area 10 of the Pacific Center East (PCE) Specific Plan (Site) pursuant to City Council Resolution 25-10. On March 18, 2025, the City Council authorized the City Manager to negotiate and execute a Listing Agreement for the Site with Jones Lang LaSalle IP, Inc. (JLL) to market the site. On June 4, 2025, an Offering Memorandum (OM) for the Site was released by JLL. The OM (included as Attachment 1) included a general overview of the Site, the proposed timeline and process for the offering, and submittal requirements. The OM noted that the Site is "currently zoned and entitled for office and retail uses, however, proposals for other uses that may require Specific Plan or General Plan amendments will be considered." Additionally, the OM listed that the City "seeks to ground lease or sell the Property to a qualified Developer with the capacity and ability to deliver a high -quality project that will differentiate itself within Tustin and Orange County. While current zoning permits office and retail uses, the City welcomes innovative proposals that align with their aspirations for a landmark development. Developers are encouraged to be creative with proposals, incorporating premier amenities, high -quality materials, and other distinguishing features." Proposals were due on August 12, 2025 at 5pm. A total of 32 proposals were received by the offer deadline, broken down into broad land use categories as follows: - Industrial (9) - Mix of Uses (7) - For -Sale Residential (5) - Multi -Family Rental (4) - Entertainment (3) - Hotel (2) - Mixed Residential (1) - Retail (1) City staff, JLL and a Mayor appointed Ad -Hoc Committee composed of Council Members Ryan Gallagher and Ray Schnell (Ad -Hoc) met in early September to review all proposals. JLL identified 16 of the 32 proposals received as being most viable and best aligned with the City's vision for the site. After receiving feedback from JLL and City staff, the Ad -Hoc is recommending that nine (9) of those 16 proposals proceed to Round Two. The recommended proposals to proceed to Round Two are comprised of the following land use categories: Industrial (2): Recommended proposals currently reflect an advanced manufacturing with office and retail components. Recommended proposals are not for warehouse or logistics uses. Mix of Uses (2): Recommended proposals currently include a mix of residential (with 15% total affordability as required by the Surplus Land Act) and hotel use. Docusign Envelope ID: 47B48E94-1B62-4DDC-B7B6-D9C96DFBBOD2 City Council Agenda Report Recommendation of Proposals to Proceed to Round Two September 16, 2025 Page 3 - For -Sale Residential (2): Recommended proposals currently include detached and attached for -sale units (with 15% total affordability as required by the Surplus Land Act). - Multi -Family Rental (1): Recommended proposal currently includes garden -style multi -family rental units (with 15% total affordability as required by the Surplus Land Act). - Hotel (1): Recommended proposal includes hotel use on a portion of the Site. - Mixed Residential (1): Recommended proposal currently includes a mix of for -sale and multi -family rental units (with 15% total affordability as required by the Surplus Land Act). The anticipated timeline of the remainder of the offering process for the Site is as follows: - Q3/Q4 2025 Round Two process - Q1 2026 City Council open session: Proposal/Developer selection - Q2 2026 City Council open session: Exclusive Negotiation Agreement (ENA) consideration - Q1 2027 City Council open session: Disposition and Development Agreement (DDA) and entitlements consideration Signed by: Signed by: ,t4 -P,. � . Bria , ff4F8 Ken i Bi�i u�e5 Deputy City Manager — Real Property Real Property Manager Attachments: 1. Offering Memorandum 2. Offering and Recommendations Summary 1 - r_�__--_. - . ` .J _•-_ .�. �:.-max_+-,-„_ .���. r. -07 AV�-�r�-=--_�..� { �r� mod', r^• ,� y{~ 77 AWv 00 V —, QO)���Jones Lang LaSalle Americas, Inc. (`ULL), real estate license #01223413 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - — — — — — — — — — — — — -- - - - - - - - - - - - - - - - --------- - - - - - - - - - - - - - - - - - - — — — — — — — — — —♦ oo ft. ftw ftw ft. ♦ TUSTIN ♦ LEGACY MQPb, IE 77" wod�- 16 TABLE OF CONTENTS 10L N -km= rNewi3o n C Wale L VP - Olt Executive Summary CO] 17 7 �.ffi, Jam 7 �9*mmmb i POW New o vla enclEq W" V A Ex m Docusign Envelope ID: 47B48E94-1B62-4DDC-B7B6-D9C96DFBBOD2 Springs ❑�' THE OFFERING Jones Lang LaSalle Americas, Inc. ("JLL" ), as the exclusive advisor, is pleased to present the opportunity to ground lease or acquire Newport & Valencia Ave ("Property" or "Site"), an exceptionally located development opportunity. The Property is currently vacant land with high visibility along the 55 Freeway in Tustin, California. Bell Canyon Calabasas Kagel Canyon San Fernando Burbank Altadena �r 14 Glendale Pasadena f%I L 1 101 t Arcadia Alhambra Covina Beverly Hills ,: El Monte West Covina � LOS ANGELES LOS ANGELES Malibu ±35.4 MILES INTERNATIONAL sv AIRPORT Montebello ry ±41.6 MILES nna el Rey Whittier Inglewood Downey Norwalk Manhattan Beach Gardena Lakewood Torrance Ito Rancho Palos Verdes PORT OF LOS ANGELES ±35.3 MILES __H Lytle Creels 39 0 5A zoo 210 Rancho Claremont to Cucamonga Fontana Ontario 57 Pomona Cl Chino ONTARIO ley INTERNATIONAL AIRPORT R ` ±42.5 MILES 7az Norco Brea 9{i . Yor8a,Linda �i Fullerton Corona Anaheim - `N1. 241 Long Beach Garden Grove 22 40 Santa Ana _ PORT OF Fountain - LONG BEACH Walley to - e ion. ±33.5 MILES tington Beach 24 ca,nvnn Lake Forest JOHN WAYNE AIRPORT ±5.2 MILES Mission Viejo Aliso Viejo Q Laguna Beach Laguna Niguel ,a All, S Prime Location The Property is located along the 55 Freeway, providing quick access to Orange County and exceptional visibility to 249,000 vehicles daily. It is one of the few undeveloped parcels of its size adjacent to this heavily trafficked freeway. ¢ Highly Amenitized ¢n¢ The Property is less than a 15-minute drive to multiple popular amenity hubs, including the famous Tustin Market Place and The District. Future employees or residents can benefit from an abundance of shopping, dining, and retail experiences. no Zoning The Property is currently zoned and entitled for office and retail uses, however, proposals for other uses that may require Specific Plan or General Plan amendments will be considered. 6 1 JLL Dana Pull it NEWPORT & VALENCIA 1 7 Docusign Envelope ID: 47B48E94-1B62-4DDC-B7B6-D9C96DFBBOD2 OFFERING GUIDELINE Project vision Submission Process IF The City of Tustin ("City") seeks to ground lease or sell the The City of Tustin and JLL will assess submitted proposals based Property to a qualified Developer with the capacity and ability on the criteria outlined in this offering memorandum. Following this to deliver a high -quality project that will differentiate itself evaluation, a recommendation may be made to the Cityrouncil within Tustin and Orange County. While current zoning permits for Developer selection. Upon selection, the City Council will e.nt office and retail uses, the City welcomes innovative proposals into an Exclusive Negotiating Agreement (ENA) with the that align with their aspirations for a landmark development. Developer. This ENA will serve as the framework for nego Developers are encouraged to be creative with proposals, transaction details and entitlements. incorporating premier amenities, high -quality materials, and other distinguishing features. City Expectations Developer and City Expenses - The City of Tustin will exp _ The selected Developer will acquire development rights to the developers to provide a deposit at ENA execution that wi land in its current condition, assuming full responsibility for all''• replenished throughout negotiations, closing through cer� entitlements (including potential Specific Plan amendments) of compliance (project completion). This deposit is separ and infrastructure improvements. This encompasses roadways, distinct from any entitlement or construction deposits. D utilities, and public right-of-way landscaping. be responsible for all development costs and expenses, i Developer Qualifications but not limited to the cost of design preparation, entitle City transaction expenses, inclusive of, but not limited to, The City of Tustin is seeking qualified Developers to realize the expenses and third -party City project consultants, includ vision of the project. Developers must meet the requirements legal counsel. outlined below and will be verified by JLL. ... Conveyance - The Property will be conveyed or leased o • Proven success in executing and operating projects of is, where -is and with all faults" basis to Developer. Conve comparable scale occur subject to conditions within the DDA or Ground Le which will include approved permit -ready plans.•• j • Robust financial capabilities and consistent on -time project f delivery Project Performance - Developer will be selected for its r timely close and/or execute on the project. No speculati land holding will be permitted. Project and schedule perfo-r standards will be included within the Disposition and De Agreement (DDA) or Ground Lease to ensure timely exec 8 1 JLL � N".. ., st, Docusign Envelope ID: 47B48E94-1B62-4DDC-B7B6-D9C96DFBBOD2 OFFERING TIME 0 7 Ur "401V M"% Marketing Launch Questions Due Round One - Initial Review JLL will market the property for an approximately 60-day period. Round Two Following the marketing launch, questions will be due within 3-weeks. Answers will be sent out to all Developers simultaneously. ±60 DAYS Based on review of proposals, JLL may reach out to a specific group of qualified Developers and ask them to submit additional information and participate in interviews with the City. Developers are expected to submit an improved offer, including but not limited to the following: • Offer price and detailed financial information • Due diligence process & timeline • Advanced design and architectural information Proposals Submitted A call for offers date requesting Developers to submit a letter of intent and conceptual design proposal following the marketing period. Best & Final JLL & The City of Tustin to review qualified proposals. JLL to notify qualified Developers to proceed to Round Two. ±14 DA*S— Following Round Two, select Developers will be asked to submit a best & final offer. Developers are asked to further improve their offering position based on the expectations outlined in the Round Two offer section. 10 1 JLL NEWPORT & VALENCIA I 11 Docusign Envelope ID: 47B48E94-1B62-4DDC-B7B6-D9C96DFBBOD2 SUBMITTAL REQUIREMENT Round One - Letter of Intent & Conceptual Design Proposal Format - Developers must submit proposals that adhere to the following format and organizational structure, as outlined below. Proposals should not exceed twenty (20) pages in total. 1. Investment Entitv • Organizational Structure: Detail the investment entity, its structural organization, and the role of the primary negotiator. • Affiliations: Describe whether the investment entity has any associated subsidiary entities or related organizations. • Project Completion Guarantor: Specify the entity responsible for guaranteeing project completion, including its financial strength and existing obligations. 2. Experience/Qualifications/References • Relevant Project History: Showcase successful completion of comparable projects within California and Orange County, limit examples to three (3) projects completed in the last 5 years, clearly stating the Developer's role. • Key Personnel: Outline the backgrounds of key project team members and their roles (Project Lead/staff, Consultant Team - Architect, General Contractor, Legal Counsel, etc.). • Prior Public Sector Land Transfer Experience: Describe the Developer's/ legal team's experience in previous negotiations with government bodies regarding land conveyance. • Legal Matters: Disclose any ongoing or past (within the last 10 years) legal actions involving a local, state, or federal agency, and explain. • Architectural and Design Expertise: Provide details about the architectural and design team, along with examples of constructed or entitled projects. 3. Business Offer/Project Feasibility • Proposal: Provide a summary of purchase price or Ground Lease terms. For purchase, include purchase price information on a single or multiple closings. For Ground Leases, include information such as initial term, extension options, right to purchase, right of first refusal/right of first offer, rent escalations, Fair Market Value resets, etc. • One Time and/or Ongoing Benefits: Provide a summary of any profit participation proposals, or other one-time or ongoing benefits to the City from the proposed land use/transaction. • Additional Information: Please include any other items that would be included in a standard letter of intent. 4. Project Financing/Financial Capacity • Capitalization Structure: Project financing details, including specific sources of funds. • Equity Contribution: Specify the equity component and its role within the project (passive vs. active; preferred vs. common equity; internal vs. external Developers). • Debt Financing: If applicable, provide information regarding the lender and loan terms. 5. Narrative • Project Overview: A comprehensive project description articulating the Developer's vision. The Developer is expected to deliver the project as represented in their proposal. 6. Conceptual Vision/Architecture • Preliminary Site Layout: Illustrate building footprints, parking areas, open spaces, and amenities. • Design Inspiration: A collection of images representing the design intent and suggested materials.. • Parking Provisions: Provide information on required parking, provided parking, parking dimensions, as well as any additional parking information based on land use (guest parking, accessible parking, public parking, etc.) 7. Developer Terms • Contingencies: If any, please describe. Round Two - Refined Design & Business Plan (Qualified Developers Only) Following Round One, qualified Developers will participate in the design and planning -focused Round Two with updated project financials reflecting a refined project design. Developers and their project team will have the opportunity through the interview process to ask questions and receive feedback on their project proposal. There will be an opportunity to adjust the proposal to reflect City feedback before final Developer selection. 1. Architecture • Detailed Site Plan • Floor Plans • Elevations/Renderings • Circulation Diagram • Unique Design Elements: Depict distinctive aspects and spaces within the project. • Material Selection: Specify proposed materials and finishes, including examples of similar applications in completed projects. • Landscaping Plan • Amenity Layout • Technical Project Summary: Include project information, compliance with relevant standards, and any proposed deviations on the site plan. 2. Refined Business Plan • Updated Financial Model: A financial model reflecting the proposed design, including a working quarterly cash flow projection from pre -development through completion, along with a static summary at build -out. (Submit a functioning Excel model with protected cells marked). Excel model should clearly state all underlying assumptions and provide a breakdown of land/ lease costs, soft costs, hard costs and financing expenses in total and on a per -unit basis. Financial information should also include the metrics utilized in project underwriting (ROC, IRR, NPV, ROE, ROI, etc) • Funding Sources: Identify all sources and applications of project funding. • Updated Pricing: Please provide updated pricing that aligns with your refined Round Two proposed concept/proposal. • Project Timeline: Outline key milestones from the start of pre -development through project completion. Best & Final - Final Proposal (Select Developers Only) Following Round Two, select Developers will be asked to submit a Best & Final offer. Developers will be asked to improve their offering position based on the expectations outlined in the Round Two section. 12 1 JLL NEWPORT & VALENCIA 1 13 Docusign Envelope ID: 47B48E94-1B62-4DDC-B7B6-D9C96DFBBOD2 ,.,,.,.,,.,ZONING OVERVIEW.,....a....a....a....a....a....a....a....a....a....a....a....a....a....a....a....a....a Existing Zoning Newport & Valencia Ave is currently zoned for commercial and office use per the Pacific Center East Specific Plan. The Property is under "Planning Area 10" and has been allocated to have approximately 770,000 SF of office space and 86,000 SF of commercial space. Proposed Uses The City of Tustin has expressed that it will consider other uses that are proposed by potential Developers per the guidelines outlined in this OM. Example uses include, but not limited to: • Residential Office • Industrial Research & Development • Hospitality Entertainment • Retail Institutional Surplus Land Act - Residential Only For residential proposals, the City of Tustin has cleared the Surplus Land Act Notice of Availability process for the Property. An affordability covenant remains on the property, which will require 15% total affordable units. • 15% affordable (On total units, not just density bonus base units) • Lower income affordability level (includes low-, very low- and extremely low-income) • 100% low-income is acceptable The Developer is allowed to decide if the affordable units are mixed within the proposed project or are allocated in a stand-alone project. • Educational • Commercial Recreation Pacific Center East Specific Plan Land Use Plan/ Planning Areas Pacific Center East City of Tustin Exhibit 17 Commercial Center Regional Center Office Center Technology Center 8 Planning Area 14 1 JLL NEWPORT & VALENCIA 1 15 0 R:� - - _. �. ^'y���� _:yam.— � �•�� _ w:.-.. �w '�rt ._ .�_. -.- - _ i _ �"T^•� - _se.-.. "._.- _ � — -'_�i .�� M_� ,^.� �- � .+.���h• � �'�_ - —_ .ham' - � - ". - _. . _ .. - .. � a - � _ � ':`._, �.. `-'moo+ _ �_ � -• .... �- ._ �• �•J.;"� .._�:+ � � �� �j�.—Sf`�^ _ _ ''���� `• ^� - ' w4L vagxw . �- �"`.:,� �- � :�, - ..� '•- ?>` - -M _' .lY�' � � r`ai - ��� � �,..; is � .�.� � •� �� �,f•�s•. ML 55 _low Am.., .- Newport ­AW �.:.. _ rp ;. ram'. F { n .5. �- \.' '� _ .P i�'u •p'd Docusign Envelope ID: 47B48E94-1B62-4DDC-B7B6-D9C96DFBBOD2 .......ORANGE COUNTY OVERVIEW................................................................ Boasting an impressive job market, unsurpassed climate, 42 The region is home to several major employers that contribute miles of stunning coastline, and world -class entertainment significantly to its economic growth. Some notable employers opportunities, Orange County represents the best of all that in Orange County include The Walt Disney Co., with 34,000 Southern California has to offer. With over 3.2 million residents, employees, University of California, Irvine, with 26,072 employees, Orange County is the 6th most populous county in the United and Providence Southern California, with 23,632 employees. States and is known as the geographical center of Southern Orange County has strong economic diversification across a California. It's strategic location between San Diego and Los wide array of industries, including health services and education Angeles makes it a central logistics hub to serve the vastly (16% of all jobs). While leisure and hospitality make up 14% of all growing Southern California population of 25+ million. The jobs across Orange County, the industrial and manufacturing county's economic landscape is dominated by high -value sectors services account for 25%. such as real estate, finance, and professional services, which collectively account for 20% of job creation, cementing its status as a hub for skilled employment and economic growth. I -� # M ■ra rrrrrr ��r rIIrM RMrRR+ (l i; n`~Il lln�6 llell�` �rAM���Nz���=o r�ritiR�� w �r �iiiirr� �r Imo.. - - :V IP_-dift 4: •ATM [ 11. A� 1 7"1 �M r-I 19AIM: 97-1 K Mrs � We t� �1 w � WAff • I Docusign Envelope ID: 47B48E94-1662-4DDC-B766-DK96DFBBOD2 " 1�s SIIT11 Valley iarillo Thousand Oaks 0 - - - � Pasadena Rio - -� -.San Bernardino �D Malibu LOS.•Angeie5 Pomona `,. Santa Monica 'Q Chino In lewood • - • LA 9 :• - 4..,.: .,•::. ,• Anaheim Long Bach ission Yj,�Jo map 4. San Ctemente Riverside Moreno Valley _ Perris 74 0 Menifee 79 Murrieta Temecula Big Bear Lake E Beaumont G San Jacinto .j Hemet Ill Valley Center 0 79 9 Morongo Valley EAL Anza Desert Spring Palm Spr Cathe+ 74 Population 631,635 2,837,780 10,688,454 Households 202,818 966,436 3,492,883 Average Household Size 3.06 2.88 3 Total Businesses 41,291 151,794 452,425 Warner Total Employees 415,047 1,475,972 4,410,271 Springs Median Age 36.1 39.3 38.3 Median Household Income $105,829 $110,879 $94,364 20 1 JLL rnrlr,knri �Z1 NEWPORT & VALENCIA 1 21 Docusign Envelope ID: 47B48E94-lB62-4DDC-B7B6-D9C96DFBBOD2 ,IUSTIN AMENITIES,,,,,, The Market Place The Market Place is one of Orange County's most popular lifestyle destinations, with a mix of internationally recognized brands and boutique retail offerings. The District The District is an all -in -one destination with unique food offerings and grocer experiences. It is home to popular destinations such as In-n-Out, Target, Costco, Planet Fitness and more. Village at Tustin Legacy The Village serves the local community with multiple dining and shopping offerings. In addition to the retail, it also is adjacent to the three-story medical office building operated by Hoag. Willits St BELLA VISTA AcFadden Ave COSM0. WNOLE5"E Total f Wine & MORE twimc THEATRES BARNES NOBLE hoag 1VCVS n r_1Y IIY VGR rH r%F% PICA-LOWELL WBishopSt PACIFIC PARK " LYON ST 0 4� W McFadden Ave AfeF CORNERSTONE adden Ave VILLAGE McFadden X orlm,Fss, BRISTOLIWARNER • IN-N-OUT TARGET BURGER U LTA B E A U T Y HUMt�i sweetgreen 6 12P ANIMAL HOSPITAL .1// roast v, LSHIRE QUARE Edinger Ave MADISON PARK CEDAR EVERGREEN CO-OP a kRK Warner Ave DELHI 5 Dyer Rd E Dyer Rd NDPOINTE M C Red Hill P' E Dyer,¢ A Varner Av, 22 1 JLL 7L IRVINE BUSINESS rrnenDi F: b4e ���rnrr.rn�s NEWIRT & VALENICIA 1 23 ` lg1)y AWo U:-4• ONME _ � .� �. :��s:�r � .�M�='}�"•` �'w''itif, :,�d'�Yufi..ra_,.k.• .,_� l lk6 Imo. Rill THE LANDING 400 SINGLE FAMILY MULTI -FAMILY HOMES - SOLD OUT IRVINE COMPANY - 1,336 UNITS v ; i :Y , SOUTH OC COMMUNITY COLLEGE DISTRICT 1 60 ACRES - 2 EDUCATIONAL TUSTIN LEGACY PARK, PHASE 2 - BUILDINGS COMPLETE) ND PLAZA AND M ( ) PLAYGROUND, G OU RE O tilt', *W'14 K ,�.sq. ��- ���78'.-' �` •.j l �' ��,}nt',�1` ���R '6�` "�S.f.lr�1° � �� t i' N�, a - w n•+p}�F i'. ilk � 1'. ` � r � Itt ' �J� � r� � � � eM: :� P+" .. �.;y. ,'„ • i � 11.'#x!+i r.,.;' i +g �i � l 11 ?a . !. ,,��� � .�. � ..►n.T i'�• �.d�p�-�t'). 't. '; '�»�'�'-". r ''[;�, �„'�,, �t fi� �� ae -wMrr� ''s ..t i +�' �+IM� g' ..:ri*'' r� Y x. ic.._ :� .1� ' •�"�,`. •i�E'hiilrti,1(a.1 \\` . ! js, e;:xa . t t x 4• �.,��:'�+ r�, ..t t °`# j "' + t fx�> tz �, • ' t', �8� \�- �:�'.,.1� » �t^.ili��'4!i.'f.iiic�ir�rta�q�i:� �'w v�.a 1� �y '�,����Ml1�j�,'}.'o�. �`)'yi`rf5ir: i ^� t. t •� i `i>�D �: :;. . -.--.,�iir' t�7.a� '''!:`a'+�•di.,,,:Y.a'fisf. Y+` ��i..����" .:a � fib':. '!Y "S�� \� �r• :ef 'tssr,. LEGACY -- xd FS 3q t -. (yam *Present Status :, - ust oventr - - _ Court �'""'Y,, . �+ 4 New j���'� t#^ T in Field I41 '{. Valencia►:. �� - _y Village 1.� . ♦ ' �'r sac i Columbus Squar''e_ . Around t�1,035 acres of theQ Tustin Legacy Project q Heritage;. �„ .. '. Elementary `.# 1 r have been developed or Tustin Field III W: _ TT SEE Veterans , . , i j . transferred. Approximately .. '';, Fv Sports Park Legacy 't' Campus � 565 acres remain, and 480 i of them are currently City y Reuse j1 controlled. �} ATEP t Parcel 18 1 *,N_- * - -v i ' � ATEP Levity . 3i. Greenwood ,- + ' tor r Columbus [ + t ' rruu II MCIPark Grove I a S Animal Care An on ' 'y ;Legacy AT@P .olk' + o-.. +► �. gj ' RSC►CD� 4 i Arm I Sheriff - r f ❑ Residential (4,258 units)#. �t Reserve `Academy. _ . �r ` jta,�`+Y► fir: .s.r.,' „' � �Z �, � � . ; ❑ Commercial (1.6M SF) '�'�41i� C►onfl�ent yQ1dtKPr Amalfi Public & Institutional' .t .'; -ri 'Columbus Grove x ,t ,,i 9 DDA District " a (Irvine)• ❑ Park (over 90 acres); k �;\ m r " FII ht �IIeyLGroue n1i a ky+�b < + �r to � ;� Legacy 9 - �; .� � !'"t - ❑Undeveloped & y �. s, Sh"eter ` { t ' Not Controlled by City y' +' Park Ph 1M� ` {•'_N;r ." 3 � c' f — .._ ,• r"ti rt ::. .k!r r .; .T.r ; r +.w a� _ - }LIFOC (Navy Property)t •+# ;� ►+ +�. xs' M' k: ' t £> dt *ir .. ( Y 'T . �. 3 e ,;.. s7k' .� •1 Boundary16 t�, y „' .: �I y 5 ,ors' M!`ti iyMt.:+C,a t} "''+� i. /. + � ��tRFa ti 'a'.K'•""'tb. i+ ;JE„I!�� y� �li� �-qqq "''�'4't : 1j , �y {� t �I� '.k 1� �, �J'•'t ` ��r ' � .S1 +y .i� 11 I've . ,+, . ,: :�' ,- r :� ... yam• *„ rf ^'�,�' S' , �i,'•'t+, t �: 1� } 1'� illlt r■t , r. cf �. _•a t #a Docusign Envelope ID: 47B48E94-1B62-4DDC-B7B6-D9C96DFBBOD2 QUICK DRIVE TO PREMIER LANDMARKS Disneyland Resort Newport & Valencia Ave is located approximately 9.5 miles away from Disneyland Resort. Disneyland Resort, comprising Disneyland Park and Disney California Adventure Park, is a world- renowned entertainment destination located in Anaheim, California. As one of Southern California's primary tourist attractions, it draws millions of visitors 0 annually with approximately 17.24 million visitors in 2024. 26 oil in M&I IR �� ����IIIl�� _�i • �F. _ ^i' i• ._ - - - " "y�� 5�� ._ glory , . ��^'.' IIIIIIId - :yi ;�r a,e�id-�`a :f:t:"`-i fn.�.,a•—�.,� _ _.f:�:s"`3w•:. ,•- Newport Beach Newport Beach Pier is located at Balboa Peninsula near Balboa Pier and less than 11 miles I from Newport & Valencia Ave. Enjoy surfing, swimming, and sunbathing on the famous beach by the pier. 7.3 million people visit Newport Beach each year. AA i Ilk I III Balboa Island is a community by the harbor in Newport Beach. Famous for its board walk, visitors can enjoy famous frozen bananas and other delicious foods while enjoying ocean views. 14 South Coast Plaza & Segrestrom South Coast Plaza is an international shopping destination, home to over 280 boutiques and restaurants, located approximately 5 miles from Newport & Valencia Ave. Top retailers include Louis Vuitton, Gucci, Hermes, and many more premier shops. Only a few minutes away from South Coast Plaza is the Segerstrom Center for the Arts, a respected cultural institution and Orange County's largest non-profit arts organization. The Center - remains committed to supporting artistic excellence p and offering experiences to engage the community through live performance and arts -based education. r 4 Laguna Beach Laguna Beach is one of the finest beaches in California. Nature enthusiasts can enjoy various activities such as snorkeling, scuba diving, surfing, or hiking. YX .,i. NEWPORT & VALENCIA 1 27 Docusign Envelope ID: 47B48E94-1B62-4DDC-B7B6-D9C96DFBBOD2 WORLD -CLASS EDUCATIO University of California Irvine UC Irvine, a distinguished member of the Association of American Universities, consistently ranks among the top 10 public universities in the U.S. according to U.S. News & World Report. The institution has received five Nobel Prize winners and is renowned for its academic excellence, cutting -edge research, innovative spirit, and unique anteater mascot. UC Irvine serves over 36,000 students across 224 degree programs. The university is Orange County's second-largest employer, generating $7 billion annually for the local economy and $8 billion statewide. UCI is located approximately 7 miles from Newport & Valencia Ave. 28 1 JLL Chapman University Chapman University, a private institution established in 1861, is in the city of Orange. With a suburban campus spanning 90 acres, Chapman serves over 7,800 undergraduate students. The university offers a diverse academic program with about 45 undergraduate majors and 30 graduate areas of study, including popular programs in business, law, and education. Chapman is ranked #133 among National Universities by U.S. News & World Report's 2024 edition of Best Colleges. Chapman University is located just 6 miles from the Property. llLllL South Orange County Community M', calkga District California State University, Fullerton Cal State Fullerton, established in 1957, has grown into a leading campus of the California State University system, with over 41,900 students. CSUF is emerging as a national model for student success, offering innovative high - impact educational experiences and co -curricular activities, including faculty - student collaborative research. Cal State Fullerton is located approximately 13 miles from the Property. so SOut Corr - (,,Sol of t h distrl distrl COIIE and appr New TU The ("TU; publ natic Ave high the l whic the f T 01 w -w-:�i�>�-�-'ice •ii=r.;r._ _ =��_- � � _ ..- - .... -- - - - -- - __ - __.. - � -. � - _=-�. �"•-^>�r� .. -- •,S 4"1 =t_'��' fir. �y.�-,n•tlY_=5 �:- ts_:� -` - '- :=�3r�.. - -_- "-irAr '�=M - _ - rr '.l7.crT'-� '` ■.�� r' -' - - �wi -t4 Y� � _ -. :►.:' :.r _ z, c. ... _ - .. "� • �11� t: eke` ��,� .�e•�r. _'^�: � �.-.—i r •-i"���f . ��."�:�� ��s� - � ? „`. - � '�•�;• 1�4.7^ x•� rid. --•', •=� �:- -. -_ _ r W. f d� 411 Owl r - % IMF Ow WfttL 17 ,,jjj••' r � r.— i 5. �� • • s �yis; �Y r .. - f Valenola _ r � � � - - t' � � --=—"��' � 'may• ✓� `� � .. � � �� � '- 77, Al r � �a �-A6 £ • rr'. $r• y_ � �i : ' � �i ` fff444 � '4 +. m Docusign Envelope ID: 47B48E94-1B62-4DDC-B7B6-D9C96DFBBOD2 ORANGE COUNTY INDUSTRIAL OVERV1EW,.,.,.,., Orange County, located south of Los Angeles, serves as an integral part of the Southern California economy, boasting exceptional regional accessibility, a highly skilled workforce, and a vast consumer market. The region has ±150 million sf of warehouse/distribution space, with an average inventory age of 47 years. Orange County has maintained the lowest vacancy rate across Southern California at 5.6% and the highest average Class A, new construction asking rent at $2.25 psf/mo NNN. Orange County's resilience is, in part, attributed to its diverse tenant mix - inclusive of advanced manufacturing. Contrary to cost -sensitive logistics tenants, advanced manufacturing firms, particularly in aerospace and automotive sectors, are showing persistent interest in Orange County and have driven recent leasing activity. New Market Activity By Size Range Includes all leases (except renewals), user -owner sales and BTS properties 20 18 18 16 15 14 13 12 C 12 0 10 y 10 a a 8 6 6 6 6 6 4 4 3 2 1 1 0 0 2019 2020 2021 2022 2023 2024 2025 YTD 10OK-199K s.f. M 200K+ s.f. ±150.0 M SF WAREHOUSE/ DISTRIBUTION INVENTORY 5.6 /o VACANCY RATE $1.65 PSF/MO NNN AVERAGE TOTAL ASKING RENT ±63.2 M SF Iu/_1i•01Me] i11:11i•CC] AVAILABILITY RATE $2.25 PSF/MO NNN NEW CONSTRUCTION, CLASS A AVERAGE ASKING RENT 2.16 M SF TOTAL UNDER CONSTRUCTION Outperformance In New Construction, Class A Asking Rates • Orange County has maintained the lowest vacancy rate across Southern California at 5.6% and the highest average Class A, new construction asking rents at $2.25 psf/mo NNN. Orange County's industrial inventory averages 46 years old, with Class A properties averaging 17 years. The scarcity of modern, functional buildings has allowed for the continued ask of premium rates. • Orange County's diverse industrial tenant mix, spanning advanced manufacturing and distribution across various sectors, has led to its economic resilience relative to other Southern California markets. Scarcity Of Development Opportunities • Large-scale industrial opportunities are rare. Since 2020, there have been just five opportunities to purchase a site over 10 acres to develop to industrial. Industrial Tenant by Sector (2024) ■ Consumer Products i Construction, Machinery & Materials ■ Aerospace & Defense ■ Retail ■ Logistics & Distribution ■ Professional & Business Services ■ Life Sciences ■ Consumer Services ■ Paper & Packaging Food & Beverage Dwindling Competitive Set • Restrictions and development standards presented in AB98 impose significant risk, limiting the future competitive set and number of sites entitled for industrial development. Muted Competitive Landscape • As of Q1 2025, construction starts in Orange County are down 48% from peak in Q4 2022. There is currently only ±1.79 million square feet of industrial space under construction across all of Orange County, with another 1.36 million square feet in the proposal stage. Total completions in the development pipeline peaked in Q1 2023 for Orange County and Q4 2023 for Southern California. This trend suggests that initiating development projects today could offer a competitive advantage in the short term, as the pipeline of new completions continues to decrease. STRATEGIC ORANGE COUNTY LOCATION Core logistics location with CA-55 frontage and immediate access to on/off ramp. Access to 1-5, 1-405, CA-57, CA-22, and CA-26 allowing for seamless servicing to the broader Southern California region. • Located within ±35 miles from the twin Ports of Los Angeles and Long Beach, ranked the #1 and #2 container ports, and where 45% of cargo (10.9 million TEUs) from overseas enters the US. • Located within ±40 miles from Los Angeles International Airport (LAX), the fourth busiest airport in the world that handled $147 billion in total cargo volume in 2024. • Eight (8) Union Pacific and BNSF intermodal rail yards within a 1-hour drive, optimizing supply chain logistics and tenant demand. 32 1 JLL NEWPORT & VALENCIA 1 33 Docusign Envelope ID: 47B48E94-1B62-4DDC-B7B6-D9C96DFBBOD2 AIRPORT AREA INDUSTRIAL SUBMARKET OVERVIEW Along the CA-55, the Property's strategic location in Tustin, CA offers easy access to major highways, with the 1-5 freeway just ±2.4 miles away, CA-22 within ±5.6 miles, and the 1-405 ±4.3 miles. Newport & Valencia Ave's proximity to major Southern California freeways connects the Property to over 25 million residents, as well as the entire Western United States within a one - to -two-day drive. Freeway Connectivity Citv Distance San Diego, CA 88 1 hr 30 min Las Vegas, NV 268 4 hr 20 min San Jose, CA 374 6 hr 5 min Oakland, CA 395 6 hr 39 min San Francisco, CA 418 6 hr 59 min Sacramento, CA 419 6 hr 40 min Phoenix, AZ 362 5 hr 40 min Reno, NV Salt Lake City, U Santa Fe, NM Boise, ID Portland, OR Denver CO 496 8 hr 20 min TJ 691 10 hr 33 min 842 12 hr 44 min 866 14 hr 45 min 987 16 hr 7 min 1019 15 hr 7 min Cheyenne, WY 1,123 16 hr 24 min Helena, MT 1,173 16 hr 51 min Seattle, WA 1,160 18 hr 10 min SAN FRANC OAKLAI SAN JOSE SEATTLE, WA v PHOENIX, AZ WY cc M Access & Transportation Tustin is served by multiple freeways, including the Costa Mesa (55) Freeway, which has frontage along the Newport and Valencia Ave Property. The 55 connects to major freeways, including the Santa Ana (5) and Santa Monica (405) Freeways. John Wayne Airport Located less than 4.5 miles from Newport & Valencia Ave, the property is served by Orange County's premier international airport. OVER 11M+ TOTAL PASSENGERS IN 2024 34 1 JLL NEWPORT & VALENCIA 1 35 I-YVIV J1Kr_ CI Docusign Envelope ID: 47B48E94-1B62-4DDC-B7B6-D9C96DFBBOD2 MULTI -FAMILY SUBMARKET Prime Opportunity to Serve High Demand for Housing The City of Tustin is considered to be one of the most desirable cities in Orange County. The City is served by an abundance of jobs and amenities leading it to have one of the lowest submarket vacancy rates in Southern California at 2.6%. Along with desirability, vacancies have tightened due to the lack of construction, with no new developments of over 50 units in a half mile radius of the Property. Currently, there is no multi -family construction within the City. 2.6 /o Vacancy, One of the Lowest in the County ZERO ONE UNITS UNDER APARTMENT COMPLEX IN CONSTRUCTION PRE -PLANNING Note: Construction pipeline is expected to increase significantly within the Tustin Legacy area. 36 1 JLL Ave CORNERSTONE McFadden Ave VILLAGE PART( CEDAR EVERGREEN CO-OP LHI Lq 55 O `f E Dy O 1fZ ALISO -SP 9�019 LP a4r Al ll Go , N 4 U C .0 JG' TUSTIN LEGACY ,4Q O� Rent SuNPLY, V;30 Property Details Address Location Built Unit Count Occupancy Averages Market • Unit Size 2 Unit Size Market Unit Size Market Unit Size Market Unit Size Compl The Row at Red Hill Connp2 Broadstone Atlas Connp3 Broadstone Archive Connp4 Broadstone Arden 2010 E Warner Ave 2590 Red Hill Ave 1901 E Dyer Rd 1951 E Dyer Rd Santa Ana, CA Santa Ana, CA Santa Ana, CA Santa Ana, CA 2024 2022 2020 2020 1,100 483 403 335 50% (Lease -up) 92.0% 95.0% 99.0% Rent PSF Rent PSF Rent PSF Rent PSF $3,793 $4.05 $3,052 $3.55 $3,343 $3.71 $3,166 $3.59 936 SF 861 SF 901 SF 883 SF $3,343 $4.95 $2,530 $4.28 $2,759 $4.47 $2,518 $4.09 676 SF 599 SF 625 SF 621 SF $3,279 $4.37 $2,994 $3.45 $3,052 $3.75 $3,038 $3.50 754 SF 893 SF 818 SF 875 SF $4,306 $3.86 $3,882 $3.34 $3,976 $3.47 $3,843 $3.49 1,120 SF 1,164 SF 1,145 SF 1,102 SF - - $4,466 $3.05 $5,297 $3.47 $5,271 $3.41 - 1,466 SF 1,527 SF 1,562 SF 20 1.8% 175 36.2% 78 19.4% 92 27.5% 530 48.2% 198 41.0% 189 46.9% 139 41.5% 550 50.0% 90 18.6% 125 31.0% 99 29.6% - - 20 4.1% 11 2.7% 5 1.5% NEWPORT & VALENCIA 1 37 Red Hilo e Docusign Envelope ID: 47B48E94-1B62-4DDC-B7B6-D9C96DFBBOD2 USTIN RETAIL OVERVI One of the Lowest Vacancy Rates in the Market Tustin boasts some of the region's most notable shopping destinations, attracting customers from neighboring cities like c Santa Ana, and Irvine. While the area faces competition from larger -scale retail centers such as the Irvine Spectrum and Plaza, the subject property's strategic location offers a distinct advantage to serve the commercial space and suburban nearby. Its visibility from the 55 Freeway provides an opportunity to attract potential customers to a future retail plaza. Newport & Valencia Ave presents an opportunity to capture consumer demand by leveraging frontage along the 55 Free" capitalizing on the high volume of passing traffic, and creating a more convenient shopping option for commuters and res Currently, there is no retail space under construction in Tustin, highlighting a potential market gap. South of the 5 Freeway, 1 months have seen approximately 10,000 square feet of existing space absorbed. This absorption has driven the vacancy rc 1%, which is significantly lower than the broader Orange County market. ZERO RETAIL SPACE UNDER CONSTRUCTION SOUTH OF THE 5 FREEWAY RETAIL DEVELOPMENTS/ REDEVELOPMENTS , UNDER PLANNING & PRE- PLANNING %� 1 Source: City of Tustin Summary of Projects, CoStar 8.000% 7.000 % 6.000%NMI 1 5.000 % 4.000% 3.000 % 2.000% 0.000 % City of Tustin Market Vacancy Rates N aaaaaaa Cm N cY N aora� m N (m oraCY N aCYCr (m N m CYCrCY ';w g m � o a 6� O� dl O O O N N N N N N N N N N N N N N N N Lo N i N Cr N N O O O O p p 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0� a O N NRL NRL N O LO N Tustin (South of 1-5) Irvine/Tustin Legacy Tustin (North of 1-5) Oran !� ,Tustin (South 1-5): Vacancy spiked; Mostly absorbed by Dollar Tree (23K SF). Tustin (North 1-5): Vacancy spiked; Mostly Barnes & Noble (48K SF) MAIN PLACE MALL RSF: ±1,110,000 SANTA ANA AUTO CENTER RSF: ±254,000 SOUTH COAST PLAZA RSF: ±2,800,000 TUSTIN AUTO CENTER RSF: ±428,000 THE TUSTIN MARKET PLACE RSF: ±1,627,000 THE VILLAGE AT TUSTIN LEGACY RSF: ±173,000 THE DISTRICT AT TUSTIN LEGACY RSF: ±998,000 DIAMOND JAMBOREE RSF: ±141,000 Docusign Envelope ID: 47B48E94-1B62-4DDC-B7B6-D9C96DFBBOD2 HOSPITALITY OVERVIEW Newport & Valencia Ave is strategically positioned in a strong hospitality market, with excellent visibility from the high -traffic 55 Freeway. The Site is in proximity to two successful hotels - the Residence Inn Tustin and the Fairfield Inn & Suites Tustin. Both properties have consistently achieved impressive 70%+ occupancy rates, underscoring the strength of the local market. The broader Tustin/Santa Ana/Costa Mesa region also maintains a 70% occupancy rate. Only 140 rooms are under construction in the entire region, with no new deliveries in the past year. This combination of high demand and limited new supply creates favorable conditions for potential hospitality development at Newport & Valencia Ave. Santa Ana / Costa Mesa Lodging Submarket Performance $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 I P � _"M"j= ■ HEM 0mff\�I 77■■■77 1 1 ■ ■■■ 1 1 M7 77711111 1111111111 lei • 0 • • . .r,, . . Co • . . •CQ ADR $98 $99 $103 $105 $110 $118 $125 $132 $138 $141 $140 $117 $137 $167 $171 $168 $137 $159 $160 M RevPAR $62 $67 $72 $77 $82 $89 $96 $101 $104 $107 $107 $54 $81 $114 $118 $117fJ719 $98 $99$106 —,*—Occupancy 63.2 67.9 70.2 73.0 75.1 75.4 77.0 76.5 75.4 75.8 76.4 46.1 58.9 68.2 69.0 69.62.2 65.9 90.0% 80.0% 70.0% 60.0% 50.0 % 40.0% 30.0% 20.0% 10.0% 0.0% f; LdfSL"'wuUu HfVHr1tIIV1 r1ILl_� z Anaheimf�� 57 f ,7 �i C Cypress Vella Park Signal Hill Los Alamitos Stanton CONVENTION% z4� 39 CENTER Rossmoor Orange Garden Grove .ell . Long Beach _ ,:. : -fo� - Valencia BELMONT SHORE TSeal Beach sUNSN BEACH Midway City Fo 011111110wm--� .l, 1 FAIRFIELD INN & SU AST Irvine NORTHWOOD GREAT PARE{ %JVI'l IV VVIiT IVC liIRrVR I/ � . to • - ORANGE COUNTY s � a IRVINE HOMEWOOD SUITES BY HILTON SPECTRUM IRVINE JOHN WAYNE AIRPORT Ri CENTER La' 10 BALBOA • i! PENINSULA s� Beach 40 1 JLL CRYSTAL COVE NEWPORT & VALENCIA 1 41 Nim-Alu Valencia Investment Advisory ROB MCRITCHIE Senior Director CA DRE #01210337 +1 310 595 3838 rob.mcritchie@jll.com KELLAN LIEM Director CA DRE #02081776 +1 949 798 4109 kellan.liem@jll.com Debt Advisory Industrial Advisory GREG BROWN Senior Managing Director CA DRE #01335204 +1 949 798 4129 gregf.brown@jll.com MAKENNA PETER Director CA DRE #2131317 +1 949 296 3623 makenna.peter@jll.com JEFF ADKISON Managing Director CA DRE #01190791 +1 310 595 3836 jeff.odkison@jll.com Office Advisory MICHAEL LEGGETT Senior Managing Director CA DRE #01056334 +1 949 798 4100 michael.leggett@jll.com HECTOR GOMEZ Analyst CA DRE #02262921 +1 310 595 3816 hector.gomez@jll.com Retail Advisory DAN TYNER Managing Director CA DRE #01959818 +1 949 798 4125 daniel.tyner@jll.com (@JLL Jones Lang LaSalle Americas, Inc. or its state -licensed affiliate ("JLL') has been engaged by the owner of Newport & Valencia Ave to market them for sale or ground lease. Information concerning the Property described herein has been obtained from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser. JLL and owner disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2025. Jones Lang LaSalle IP, Inc. All rights reserved. Docusign Envelope ID: 47B48E94-1B62-4DDC-B7B6-D9C96DFBBOD2 11 AC "Newport Valencia" Offering and Recommendations Summary No. 1 Land Use Industrial Program him Advanced manufacturing with office components A6�,G 11 le,ed/Open to ' ro und Lease No Recommended b Consideration to Adv nce to to 2 JA _ mm mmended by Ad -Hoc to LAdvance to Round Yes 2 Industrial Advanced manufacturing with office and retail components 11 Dpen Ye Yes 3 Industrial Advanced manufacturing 11 Yes Yes No 4 Industrial Advanced manufacturing with office components 11 No Yes No 5 Industrial Advanced manufacturing with office components 11 No No No 6 Industrial Advanced manufacturing with office components 11 No No No 7 Industrial Logistics 11 No No No 8 Industrial n/a 11 No No No 9 Industrial n/a 11 No No 10 Mix of Uses Mix of for -sale residential and hotel 11 No No 11 Mix of Uses Mix of for -sale residential, multi -family residential and hotel 11 Yes Yes 12 Mix of Uses Mix of for -sale residential and hotel 11 Yes Yes 13 Mix of Uses Mix of for -sale residential and hotel 11 No No 14 Mix of Uses Mix of industrial and retail 11 Yes No 15 Mix of Uses Mix of multi -family residential and retail 11 No Yes No 16 Mix of Uses Mix of for -sale residential, multi -family residential, retail and hotel 11 No No No 17 For -Sale Residential Mix of detached units and attached units 11 No Yes Yes 18 For -Sale Residential Detached for -sale units 11 No No No 19 For -Sale Residential Mix of detached and attached for -sale units 11 No No No 20 For -Sale Resident, Mix of detached and attached for -sale units 11 No No No 21 For -Sale Residential Attached for -sale units 11 No Yn Yes 22 Multi -Family Rental Garden style multi -family residential units 11 No 23 Multi -Family Rental Garden style multi -family residential units 11 NG Yes No 24 Multi -Family Rental Garden style multi -family residential units 11 No Yes Yes 25 Multi -Family Rental Podium/wrap multi -family residential units 11 No Yes No 26 Entertainment Sports facility building on 4 acres 4 Yes No No 27 Entertainment Entertainment and retail facility 11 Yes No No 28 Entertainment Entertainment and retail facility 11 No No No 29 Hotel Hotel(s) on a portion of the site 5 No Yes Yes 30 Hotel Hotel on a portion of the site 2.5 No No No 31 Mixed Residential Mix of for -sale residential and multi -family residential 11 No Yes Yes 32 Retail facility on a portion of the site 4 No No No