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Irvine Company’s latest big local investment is taking place in Tustin, where it is buying a large chunk of land at a bargain price, compared to other area properties just over the city line.
The developer recently reached a deal with the City of Tustin to buy a 19.4-acre land site in Tustin Legacy, not far from the former Marine base’s remaining blimp hangar, and the District at Tustin Legacy shopping center.
Irvine Co. plans to use the land just off Tustin Ranch Road to build a 1,336-unit apartment complex, which will be next to an existing rental complex it owns, the 533-unit Amalfi complex. For more on the project, see Parimal Rohit’s story on page 1.
The Tustin development site’s about a third of a mile from the 25.4-acre Von Karman Corporate Center office complex, where a housing project also is being considered. The Business Journal last month reported that the City of Irvine has the option to buy VKCC for a housing redevelopment and has agreed to pay $317.5M, or an absurd $12.5M an acre.
The going rate for developable land in the vicinity of VKCC was about $4.2M an acre last year, according to brokerage data.
A torn Achilles tendon kept Tiger Woods off the course at last week’s Masters Tournament, but his Irvine-based nonprofit, TGR Foundation, is still making news in Augusta, Georgia.
Last week saw news that the Masters would be partnering with the 5-time tournament champion, who grew up in Cypress, “to enrich access to high-quality educational programming and affordable golf in Augusta.”
A new TGR Learning Lab will be built to “provide access to science, technology, engineering, arts and mathematics (STEAM) education and opportunities for young people to prepare for their future,” a statement said.
It’ll be the fourth TGR Learning Lab; its flagship location in Anaheim opened in 2006.
TGR Foundation, founded in 1996, helps youth from “under-resourced communities” by providing programs such as career preparation resources along with STEM-based experiential learning coursework. Its chairman is Mike Mckee, the former No. 2 at the Irvine Company.
Don’t expect a partnership between Santa Ana-based First American Financial Corp. (NYSE: FAF) and cruise line Virgin Voyages anytime soon, after a March 31 incident in the Caribbean saw the $6B valued title insurance giant’s CEO, Ken DiGiorgio, “facing a criminal charge over choking another passenger” on the dance floor at one of the ship’s bars, the NY Times reported.
DiGiorgio’s lawyers told the NYT that the other man harassed the executive’s wife, after she told him to put his shoes on. “Although charged with a simple misdemeanor, Mr. DiGiorgio looks forward to being absolved of any wrongdoing.”