The City of Irvine, CA plans to auction the 4,700 acre former El Toro Marine Corps Air Station to developers, generating funds and land for a park.
"Proceeds from an online bidding war between developers will pay for the Great Park at the closed El Toro Marine Corps Air Station, according to Irvine city officials, who will unveil their plans for financing the project today.The plan would divide the 4,700-acre former base into four parts, with development and open space in each. The highest bidders would get upfront guarantees that they could build thousands of homes or industrial and commercial projects in certain areas. No additional public financing for the Great Park would be required, city officials said."
Thanks to ArchNewsNow.com
Read the full story: A Bid War Will Fund Park, Irvine Says
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