Tustin base project called worthless
Two units of J.F. Shea Co. say they want to back out of a deal to develop an 820-acre parcel at the former Tustin Marine air base, saying that falling land values make it impossible to build homes, shops, offices and a hotel in today’s economy.
Shea maintains that land once valued at $236 million is now valued near zero, one city official said.
. . .
The development is the biggest project at the 1,600-acre air base. Plans included 2,105 housing units, up to 6.7 million square feet of office, retail and inudstrial [sic] space and a 500-room hotel. Development is to be built around a two-mile-long linear park. ¶ The first blow to the project came in April 2007 when an earlier partner, Centex Corp., backed out of the partnership….(Continued)
Schwarzenegger Promises to Veto Future Cuts to California Colleges (Chronicle of Higher Education)
The SOUTH ORANGE COUNTY COMMUNITY COLLEGE DISTRICT — "[The] blog he developed was something that made the district better." - Tim Jemal, SOCCCD BoT President, 7/24/23
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What's this mean for ATEP? Can't be good.
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