Posted on 02/10/2005 1:06:51 PM PST by Ernest_at_the_Beach
Developer plans to bid for remaining two parcels at former El Toro base.
Miami-based Lennar Corp. won two of the four El Toro parcels Wednesday and says it will aggressively pursue the other two.
Lennar was unchallenged in bidding on parcels one and four, and the builder was the leading bidder as of last night on the other two. Because other bidders jumped in Wednesday on parcels two and three, those auctions will last at least until 3 p.m. today.
(Excerpt) Read more at ocregister.com ...
CA: El Toro auction in overtime ~ Two parcels sold; bids extended another day on remaining two.
Until Hugh Hewitt's show a few weeks back, I didn't even know that El Toro was closed.
What year was it closed? Were were the Marine unit re-located?
Base developer major O.C. player
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An Excerpt:
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Thursday, February 10, 2005
Base developer major O.C. player
The Orange County Register
Lennar Corp.'s bid to acquire the former El Toro Marine base isn't the homebuilder's first bold foray into the Orange County land market.
The Miami-based company paid about $45 million to buy the southern 2,200 acres of gated Coto de Caza in 1996, when real estate prices were near the bottom of a seven- year lull.
It began building about 1,200 homes not long before house prices nearly tripled.
Shortly before it acquired undeveloped portions of Coto de Caza from Chevron Land & Development Corp., Lennar bought bankrupt Newport Beach builder Bramalea of California Inc.
The firm plans to build 1,900 homes at the old Tustin Marine base. And it's involved in a venture to build 108 urban lofts on Santiago Street, across from Santa Ana's train depot.
Closed around 1997 or so... Fighter Wing moved to Miramar in San Diego.
No sure when it closed, been awhile, was relocated mostly to San Diego.
Thanks.
Will they ever close Miramar and incorporate the missions into Pendleton. New Regional Airport for San Diego.
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El Toro bidding lives another day
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An Excerpt:
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Thursday, February 10, 2005
El Toro bidding lives another day
Lennar Corp. wins two base parcels and will pursue the other two.
The Orange County Register
Lennar Corp. is gambling $540.5 million that it will be the developer for the Great Park at the old El Toro Marine base.
The company won two of the four El Toro parcels Wednesday and was the leading bidder at press time for the other two.
Other bidders made offers on the other two parcels shortly before the 3 p.m. bidding deadline Wednesday, ensuring that the auction will last at least one more day on those sectors.
"We're going to go after them very aggressively," said Emile Haddad, Lennar's regional president.
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Closing of bids on the two parcels brings Irvine a step closer to creation of the Great Park, the planned mix of wilderness areas, athletic fields, schools, farms, houses, museums, shops and a cemetery/memorial area.
fyi
I saw a thread here with the purported FY06 BRAC list. Miramar was on it, IIRC.
Here's the thread with the rumored BRAC list.
http://www.freerepublic.com/focus/f-news/1335933/posts
MCAS Tustin clodes first in 97
El Toro Closed late 98 to beginning of 99.
Just about all of the units went to Mirimar outside of San Diego. Navy units from Mirimar went to Fallon, NV. As soon as the Marines moved to Mirimar complaints from the locals started (the noise, the danger, the crowding). A ton of money went to line the San Diego pockets, mostly in construction and development. The Marine base population is approximately 2/3 more than the Navy's was when they were there; Ultimately (when the DOD cash cow can't be milked any more) Mirimar will be closed too.
Thanx, I know there's a tradition at Miramar, but it would seem that Pendleton could handle it. And San Diegans will be crazy if they don't take the opportunity that Orange County rejected for a new airport.
If Miramar closes, it'll be a tough job to convince the locals to put a commercial airport there... They complain about the Marine flights - which happen maybe 20-40 times a day... just wait until they're faced with the threat of a takeoff or landing of a commercial jet every 2 minutes.
It would seem there's several approaches which are over undeveloped land.
...
"Closing of bids on the two parcels brings Irvine a step closer to creation of the Great Park, the planned mix of wilderness areas, athletic fields, schools, farms, houses, museums, shops and a cemetery/memorial area."
Lennar is showing Californians how to make money!
$541 million for the land for 1,900 California homes. That's $285,000 for the lot on which each home will be built...within 5 miles of the beach.
That's one third of what a lot would cost within 25 miles of San Francisco. That is an *outstanding* bargain!
There are plans for quite a number of High Rise Condo units in Orange County.
I figured that would be a usage that would be made of this ground, so this is reassuring.
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