(RealShare Orange County convenes at the Hyatt Regency, Irvine, August 16.)
IRVINE, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that the County of Orange Board of Supervisors today approved the selection of Lowe Enterprises to provide master planning, pre-development and property-management services for the development of a 100-acre parcel at El Toro, the former Marine Corps Air Base here. Lowe was selected through a competitive qualification process.
Lowe will aid the county in creating a master development plan that provides the highest and best use for the 100-acre parcel. The plan will include creating an infrastructure phasing plan and securing entitlements for the site, which is located between the planned Orange County Great Park Master Plan and the Orange County Transportation Authority Metrolink. It currently houses five vacant and obsolete warehouses.
Lowe and the County will formulate a plan that incorporates innovative uses and a mixed-use development program to provide high-quality, sustainable and market-driven development that will produce a revenue-generating master ground lease for the County and be an asset for the community and the region. Lowe is currently developing the 900,000-square-foot County Operations Center in San Diego and was recently selected to develop the Washington/National transit-oriented mixed-use development in Culver City.
“We are grateful to the Board of Supervisors and County staff for selecting our firm,” said Lowe’s SVP Michael W. McNerney in a prepared statement. “We look forward to partnering with Orange County on this unique opportunity.”
McNerney could not be reached by GlobeSt.com prior to deadline to discuss further details about the development plan, including the specific types of uses the team envisions for the parcel.
As GlobeSt.com previously reported, earlier this month LEI Senior Finance LLC, a fund managed by Lowe Enterprises Investors, provided financing for Channel West Group LLC and capital partner Arris Investments LLC to acquired a 122-room hotel in Calabasas, CA, currently branded a Country Inn & Suites by Carlson.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
