A first-of-its-kind public-private development and land swap deal will save a southern California military base.
In this unusual "land swap, developers are putting the finishing touches on a $115-million office complex and day-care center at the El Segundo military facility; in exchange, the developers get 59 acres of base land and other parcels on which more than 900 condominiums will eventually be built...
The 520,000-square-foot office complex will replace aging base facilities that are not considered sufficiently safe to withstand a major earthquake. When the offices are completed at the end of the year by partners Catellus Development Corp., Kearney Real Estate Co. and Morgan Stanley, the Air Force will move its Space and Missile Systems Center to the new facility."
Thanks to Chris Steins
Read the full story: Deal Helps Keep Base From Closing
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