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Tuesday, May 24, 2022

FivePoint Bulks Up, With Commercial Plans

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One of the larger fitness clubs in Orange County is planned for the Great Park Neighborhoods, as part of the next batch of commercial development at the former El Toro Marine Corps base in Irvine.

Emile Haddad, chief executive of FivePoint Holdings LLC, the master developer of the 2,100-acre site that largely surrounds the Orange County Great Park, recently told analysts his firm received approvals from Irvine “to move forward with a 125,000-square-foot fitness facility, which will be a build-to-suit for a nationally recognized blue-chip brand.”

Haddad didn’t disclose a company name but city records indicate the luxe project will be a Life Time Fitness facility, including five pools, basketball courts, fitness classes and a “spa, salon and café that are accessible to both members and nonmembers.”

There’s one other Life Time Fitness in OC, a 128,000-square-foot site in Laguna Niguel that opened five years ago. It’s also working on a site in the San Clemente hills where a 46,000-square-foot clubhouse will be surrounded by 13 outdoor tennis courts, according to the company’s website.

The fitness chain operator’s larger-format gyms are among the biggest in the industry; locations for Irvine-based LA Fitness, the largest fitness club operator in the county, average about 45,000 square feet, trade industry reports said.

Life Time Fitness parent LTF Holdings Inc. is in Chanhassen, Minn.; it was once publicly traded but was taken private five years ago by affiliates of investors Leonard Green & Partners and TPG in a deal valued at more than $4 billion.

Revamped Plans

The fitness center project will be along Irvine Boulevard, not far from most of the new homes built to date at the Great Park Neighborhoods.

It will be built near an old warehouse on the former base that was once considered for a food and retail hub. That idea was nixed due to structural issues, and about a year ago, initial plans were filed to remap the site for the health club and other mixed-use purposes.

City records indicate the 12-acre site will be divided into five lots, with Life Time and an accompanying four-story parking garage taking the largest, 5-acre parcel.

Remaining lots will be reserved for future development, which may include 11,000 square feet of multiuse, such as retail or childcare, and 95 residential condominium units, according to city documents.

2 Hotels

As the Business Journal previously reported, FivePoint (NYSE: FPH) got the green light last month for a 58-acre mixed-use site elsewhere on its Irvine land, for a project under the working title FivePoint X. The developer more recently disclosed this will include not one, but two hotels.

A 180-key extended stay hotel and a 161-key boutique property are planned within walking distance of some of the sports park facilities at the Great Park and are part of 425,000 square feet of “mixed commercial” uses on the parcel.

FivePoint X runs near the southern edge of the Great Park Neighborhoods, where more than 10,000 homes have been entitled, with about half either built or in the process of being developed.

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