GlobeSt.com was unable to reach FPH before deadline for comment on the scope of this project. However, as GlobeSt.com reported in March, Emile Haddad, chairman and CEO of FPH, spoke at the 2017 USC Gould Real Estate Law and Business Forum about demographic shifts and how these shifts are informing their community developments in California. “Millennials are going to be driving the economy going forward,” Haddad said, adding that Gen Z is the next demographic set to inform the market, with this demographic is now starting to graduate from college. “We don't even talk about Gen Z, but in 10 years, the oldest will be 32,” said Haddad, adding that both demographics want similar living environments that focus on live-work-play.

With these new demographic patterns, FPH has taken a new approach to development, which Haddad said was to “go back and scramble the egg”—in other words, mixing and crossing real estate asset classes. “We mix everything from asset class to income.” FPH, which currently has projects in San Francisco, Los Angeles and Orange County, is creating live-work-play communities with everything from housing and office spaces to retail, entertainment and hotels.

Earlier this month, the first 53-acre phase of the Orange County Great Park Sports Park opened, with a free daylong community celebration that included family games, sports activities, gourmet food trucks and a free concert by the Blues Brothers featuring Dan Aykroyd and Jim Belushi. Built on the site of the former Marine Corps Air Station El Toro, the Sports Park is ultimately planned to be nearly twice the size of Disneyland and is the result of an innovative public-private partnership between the City of Irvine and Five Point's partnership (Heritage Fields El Toro LLC). The partnership is spending approximately $250 million to improve, operate and maintain 688 acres of the Orange County Great Park and infrastructure serving the Great Park. The first phase is a world-class youth sports facility that complements the schools, economy and neighborhoods of Irvine. The Sports Park is on track to become one of the largest public multisport facilities in California and one of the largest in the United States.

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IRVINE, CA—A newly formed LLC comprising a subsidiary of Five Point Holdings and two other investors has secured a five-year, floating-rate, $339-million loan from Starwood Property Trust for Five Point Gateway, a four-building office/R&D campus here. FPH holds a majority of the equity interest in the development.

The borrower is acquiring the assets through a partial sale-leaseback with investment-grade tenant Broadcom Corp., the project developer after it acquired the land in order to build a corporate campus. The development, which is nearing the completion of construction, will comprise more than 1 million square feet of space.