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New homes expected by 2011 at O.C. Great Park

April 1, 2010 12:37:01 AM PDT
New homes could be going up near the Orange County Great Park in just a couple of years.Private developers Five Point Communities and Lennar Corp. tell the Orange County Register they are getting ready to submit the first developing tract maps for the first homes in nearby neighborhoods.

Nearly 4,900 new homes will be built at the former El Toro marine base, along with commercial and educational facilities.

There was a delay because of the housing slump. But developers say they expect the market to turn around next year. If so, land development could begin next year, and housing could start being built in 2012.

Lennar paid nearly $650 million to the U.S. Navy for the 3,700-acre base. It paid $200 million more and donated land to the city of Irvine to get park development started.


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