City of Tustin Enters into Exclusive Negotiating Agreement with AvalonBay Communities Inc. and Abode Communities for over 1,200 Apartments at Tustin Legacy
Tustin, California – RealEstateRama – The City of Tustin (City) in collaboration with co-developers AvalonBay Communities Inc. and Abode Communities has entered into an Exclusive Negotiating Agreement (ENA) to develop “Legacy Village,” a 19.4-acre mixed-use project featuring more than 1,200 apartments at Tustin Legacy. Twenty-five percent (25%) of the apartments will be reserved for families and individuals earning between 30% and 80% Area Median Income in Orange County.
After a public competitive process in compliance with an exemption granted by the California Surplus Land Act, the City selected the AvalonBay and Abode Communities development team due to the high quality of the project design, exceptional private and public park spaces and community amenities, and the strong experience and business plan to effectively deliver the project.
“Legacy Village will be one of the most unique residential projects in Orange County, if not the state” said Tustin Mayor Austin Lumbard. “This project is a great example of the City’s diligence and commitment to foster the creation of quality building and landscape design, public, open space, and both market rate and affordable housing for the City and region. Tustin is proud to be a leader in this area and to partner with AvalonBay and Abode Communities in this endeavor.”
Legacy Village will be developed in multiple phases and include 5,000 square feet of retail, seven acres of private and public open space, rooftop amenities, onsite social services for residents of the affordable housing, and approximately 2,500 square feet of co-working space. Legacy Village will be the largest apartment project constructed at Tustin Legacy once complete.
“AvalonBay is honored to be a part of the City’s visionary Tustin Legacy project,” said AvalonBay’s Senior Vice President of Development Mark Janda. “With each new community we develop, we are driven to create a better way to live. At Legacy Village we will deliver a vibrant new neighborhood featuring thoughtfully designed architecture, high-quality materials, and engaging public spaces, all in a highly sustainable, contemporary design that will complement the surrounding Tustin Legacy community.”
Legacy Village, designed by OfficeUntitled, includes multiple buildings spread among three blocks that are interconnected with pedestrian paseos, elevated walkways, and activated public open spaces that create an interconnected community for individuals and families. The project features contemporary materials and finishes with distinctive architectural elements connecting various buildings, and interior gardens that transition from semi-private to public open spaces. The varying height of three to five stories is compatible with the surrounding neighborhoods and provides for exceptional opportunities for at grade and roof top amenities. In addition to the unique and high-quality design of the building and landscape architecture, the attention to detail and amenities is shared equally with both the market rate and the affordable apartments.
“Abode Communities is excited to bring its high-quality standard of living to this rapidly evolving and opportunity-rich location in Orange County,” said Holly Benson, Chief Operating Officer and incoming President and CEO of Abode Communities. “Bringing equitable housing opportunity to Legacy Village sets precedent for cities throughout Orange County to identify – and make available – land to meet the growing needs of hardworking, local families in need of affordable rents.”
During the initial nine-month ENA period, the City together with AvalonBay and Abode Communities will work to negotiate a Disposition and Development Agreement (DDA) which will provide the price and terms of payment for the land sale. AvalonBay and Abode Communities will pursue approval of entitlements for the project during the same period.
Renderings of the project can be viewed at this link.
###
About Tustin Legacy: Tustin Legacy is a 1,600-acre master-planned community located in the City of Tustin that is being developed on land formerly known as Marine Corps Air Station (MCAS) Tustin. For more information, visit www.tustinlegacy.com.
About AvalonBay Communities Inc: As of March 31, 2022, the Company owned or held a direct or indirect ownership interest in 296 apartment communities containing 87,918 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development and two communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company’s expansion markets of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. More information may be found on the Company’s website at http://www.avalonbay.com.
About Abode Communities: Nonprofit affordable housing provider Abode Communities has been rooted in community development throughout the State of California since 1968. As an influential and responsive real estate developer, Abode Communities works to bring housing and social equity to strengthen neighborhoods, enhance livelihoods, and connect people and places. The organization has developed nearly 50 affordable, supportive, and mixed-use residential communities serving more than 13,000 Californians. For more information about Abode Communities, visit abodecommunities.org.
