Market Overview

University Development: Chula Vista Takes Step Forward In Agreement With Developer for Future University Site

In a move to establish a master plan developer for a future university park and research center on Chula Vista's southeast boundary, the Chula Vista City Council unanimously approved an Exclusive Negotiating Agreement (ENA) with HomeFed Corporation at its meeting on December 11. HomeFed has maintained a progressive working relationship with the city on its university plans since 2007. At approximately 375 acres, the project is expected to host a mix of residential, retail and light industrial assets that will support the university.

Chula Vista, Calif. (PRWEB) December 12, 2012

In a move to establish a master plan developer for a future university park and research center on Chula Vista's southeast boundary, the Chula Vista City Council unanimously approved an Exclusive Negotiating Agreement (ENA) with HomeFed Corporation at its meeting on December 11. HomeFed has maintained a progressive working relationship with the city on its university plans since 2007. At approximately 375 acres, the project is expected to host a mix of residential, retail and light industrial assets that will support the university.

“This decision is another significant step in a series of deliberate and responsible steps to lay the foundation for a project that will greatly contribute to the economy and quality of life for Chula Vista, San Diego County and the cross-border region,” said Chula Vista Mayor Cheryl Cox. “The city of Chula Vista is now closer to an agreement with HomeFed, a developer that has played a committed and valued role throughout the planning process of this crucial piece of our city's general growth plan.”

The purpose of the ENA is to provide 90 days to explore and negotiate the terms and conditions of a Management Development Agreement (MDA). The MDA is anticipated to be the instrument that will define how the university property will be planned, conveyed, controlled and financed in order to secure an institution of higher education and a regional technology park. The MDA will also define the roles, responsibilities, and compensation of the master developer and the city. The city reserves its full legal discretion to approve, disapprove or condition future project agreements and permits. The ENA can be extended for up to two additional 90 day periods at the discretion of the city manager, provided substantial progress is being made on the MDA.

Since the early 1980s, Chula Vista has envisioned attracting a university to the South Bay region of San Diego County. In 2007 the city began negotiating with landowners to facilitate the acquisition of land necessary for the future development of the university site. In 2008, and subsequently amended in 2010, the city entered into two separate Land Offer Agreements (LOAs). Through a combination of land exchanges and agreements for expedited entitlement processing, the city has reached agreement on how it would assemble approximately 375 acres of land for the university and research center. These applications are currently being processed with entitlements, and are expected to go before the City Council in early 2013.

Currently, staff is working with consultants to develop a framework that will enable preparation of a Specific Planning Area (SPA) plan and environmental impact report.

In the near term, the next steps in the planning process for Chula Vista's university are to complete the MDA agreement, anticipated in early 2013, and continue finalizing the land acquisition agreements.

In June 2012, the San Diego Association of Governments(SANDAG) reduced tolls on SR 125, the main transportation artery that will directly service the university and its surrounding community. As a result, average daily traffic, has grown to more than 30,000 trips per day, outpacing post-toll reduction projections by seven percent and exceeding the same period in the last fiscal year by 22 percent.

About the City of Chula Vista
The City of Chula Vista is located at the center of one of the richest cultural, economic and environmentally diverse zones in the United States. It is the second-largest City in San Diego County with a population of nearly 250,000. Chula Vista boasts more than 50 square miles of coastal landscape, canyons, rolling hills, mountains, and a variety of natural resources and quality infrastructure. Established neighborhoods, contemporary communities, start-up firms, corporations, nationally recognized entertainment venues, the nation's only warm weather Olympic Training Center, an award winning nature center and a historic downtown all contribute to Chula Vista's attraction for both families and businesses.

For the original version on PRWeb visit: http://www.prweb.com/releases/prwebchula-vista/university/prweb10232070.htm

 

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