IRVINE, CA-The Orange County Board of Supervisors on Tuesday approved a comprehensive agreement with Lowe Enterprises to entitle and develop more than 100 acres at the former Marine Corps Air Station El Toro in Irvine.

The agreement outlines a three-phased approach to developing the property. The board approved funding for the first phase and the business plan. Included will be a determination of which types of development will be allowed on the property and completion of the required environmental reviews. The first phase of planning is estimated to cost about $7 million and take 24 months to complete, including development of a corresponding master plan to maximize development flexibility and revenue potential.

“We are grateful to the board of supervisors and county staff for selecting our firm to partner with them on this rare opportunity,” said Michael McNerney, senior vice president of Lowe Enterprises Real Estate Group. “We will continue to work with the County, the City of Irvine and the local community to develop a master plan for this unique site in accordance with the City of Irvine's trails and transit oriented development zoning.” Lowe's work will include creating an infrastructure phasing plan as well as securing entitlements.