FivePoint Communities Begins Great Park Runway Demolition

IRVINE, Calif., Oct. 7, 2014 /PRNewswire/ -- FivePoint Communities, development manager of Great Park Neighborhoods, today begins the historic demolition of former military runways at the Orange County Great Park, the first phase of a $250-million improvement program that will accelerate construction of a wide range of new sports, recreational and environmental amenities at the park. FivePoint is developing 688 acres of the Great Park's nearly 1,300 acres as part of an agreement approved by the Irvine City Council in November 2013.

While all of the improvements will be funded privately by FivePoint, they will be returned upon completion to the City of Irvine as public amenities. The agreement also includes provisions that allow the City of Irvine to realize more than $1 billion over 40 years for Great Park operations and maintenance.

When fully implemented, the park improvements will include a 176-acre sports park, a 41-acre wooded Bosque area, a 185-acre public golf course with practice facility and clubhouse, a 36-acre upper Bee Canyon as well as a 178-acre wildlife corridor. All of the amenities will be provided at no public expense by FivePoint. In addition, FivePoint is providing funding necessary to study additional park amenities.

"Turning these runways into greenways delivers on the promise to residents and future generations of Orange County," said FivePoint CEO Emile Haddad. "The Great Park is a model of a successful public-private partnership. Today we are pleased to contribute to the park's future with this important step, and to celebrate a major milestone in this important partnership. In the months ahead, concrete runways will give way to sports fields, trees and trails as the Great Park matures into the community treasure approved by Orange County voters."

The public is invited to mark the historic occasion Oct. 7 at a free community "Turning Runways Into Greenways" groundbreaking celebration at the Great Park at 5:30 p.m., featuring a live performance by singer-songwriter Kenny Loggins. Local food trucks will add to the festive atmosphere at the event emceed by PBS SoCal host Rick Reiff. Guests should enter the Great Park at the Trabuco Road entrance off of Sand Canyon Avenue and follow the signs to the event.

Attendees can receive a free souvenir piece of rubble from the runways that launched thousands of military aircraft at the decommissioned El Toro Marine Corps Air Station.

ABOUT FIVEPOINT COMMUNITIES
FivePoint Communities oversees some of the largest mixed-used projects in California, including Great Park Neighborhoods. The first of the Great Park Neighborhoods, the 726-home Pavilion Park, opened in the fall of 2013 and is in the final stage of sales. The heart of the company's philosophy is to build sustainable communities that encourage an active life style.  Headquartered in Orange County, FivePoint has been involved with the planning, design and development of communities for more than 10 years. www.fivepointcommunities.com

ABOUT KENNY LOGGINS
Two-time Grammy winner Kenny Loggins has topped the charts with hits such as "I'm Alright," "Footloose" and "I Believe in Love" over more than four decades as a singer and songwriter. As a member of ensembles and as a solo artist across a variety of genres, Loggins has recorded 12 albums that went platinum.
www.kennyloggins.com

SOURCE FivePoint Communities