Before voting on who would develop a vacant massive site in the heart of the city, councilmember Lee Fink visited River Street Marketplace—developer Dan Almquist’s experiential retail destination in San Juan Capistrano.
On a Friday afternoon, he saw families playing, people eating at restaurants and visiting shops at the 60,000-square-foot venue, which opened in late 2024.
“There was a huge amount of community going on there,” said Fink. “It’s a great development and a model of what I hope to see in Tustin.”
That moment is what sealed his vote.
Fink, along with other city council members, awarded Almquist’s namesake San Juan Capistrano firm the opportunity to redevelop a 52-acre site at Red Hill Avenue and Warner Avenue.
His firm began exclusive negotiations with Tustin on March 17 to buy the city-owned land this year.
City officials said they chose Almquist for his vision to build a mixed-use center with retail, restaurants and homes.
Almquist, the founder and CEO, said the project will likely include about 130,000 square feet of leasable space, including daily-needs stores, a market, outdoor areas and select restaurants next to residences.
The company is known for bringing specialty shops and restaurants to its projects, such as River Street Marketplace, Rodeo 39 in Stanton and the upcoming The Canopy at Great Park in Irvine. For the residential part, it will work with Melia Homes and Toll Brothers.
“We’ve done a lot, obviously, on the commercial side,” Almquist told the Business Journal,
“But to have the opportunity to create real continuity with the residential and the commercial, both in terms of how the site plan flows, but also architecturally and thematically, was really intriguing to me.”
A Winner Among 11
The selection process included 11 other development proposals received in September, according to city filings. Tustin worked with CCP Real Estate Advisors and SRS Real Estate Properties to select the developer.
Almquist said that Aldo Schindler, who became Tustin’s city manager in 2024, helped renew the city’s focus on moving the project forward.
“They’ve been trying to think through how they want to handle this piece,” he said, which the city has nicknamed Cornerstone. “They had gone out to the real estate community looking for ideas.”
Schindler told the Business Journal his goal at the time was to get the property out on the market and allow local developers like Almquist to “guide us on what the best products are for the 52 acres we have in play.”
In the end, “it was about finding the right developer that understands Tustin,” Schindler said.
Almquist knows Tustin well, having grown up in the city and attended Foothill High School, class of 1995.
Schindler added that the developer’s name was often mentioned when he first joined the team and that Almquist was one of the first people he called.
“The driver for our plan was to create this really walkable ‘village’ within the green belt they have now,” Almquist said.
He also referenced previous mixed-use projects the firm has worked on with its partner, Brookfield Residential, in cities including Whittier.
However, Schindler said the current Tustin Legacy Specific Plan does not allow residential development on those 52 acres. The city will work with Almquist to change the plan and move forward with the mixed-use project.
“We’re not letting that stand in our way,” the city manager said.
Looking for Experiential Retail
The proposed development is located by the Flight office campus and sits within the city’s 1,600-acre Tustin Legacy plan, which includes The District shopping center, Flight, the Irvine Business Complex and more than 4,000 residences.
There are about 500 acres left to develop, including Almquist’s piece and an additional 1,336 apartments from the Irvine Company, according to the city.
“What we’re looking for from Dan is that experiential retail,” Schindler said.
Schindler said that with stores like Costco, Target and Whole Foods already nearby at The District, the city wants to add “an increased variety of retail experiences” that are still focused on the neighborhood but offer something unique.
“They’re trying to find something that isn’t currently offered within the community,” Almquist said.
Almquist and the city said more details about the project will be shared as planning continues. While there is no set timeline, Almquist expects development to begin within the next three years.
“Dan’s ready to move at a quick pace, and so are we,” Schindler said.
Though financials were not disclosed, sources told the Business Journal that the 52-acre plot is worth more than $100 million.
Almquist’s newest project, The Canopy at Great Park, is expected to open in late
2026 after construction began in April last year.
“I’m just a big fan of what’s happening in Orange County right now,” Almquist said. “We’re excited and grateful to be part of it, and to be able to come into these cities and create something special and unique that becomes an amenity.”
Schindler noted that another site in Tustin will go to market soon. The city is working with brokers at Cushman & Wakefield on a 44-acre plot adjacent to the Flight campus, bordering Barranca Parkway and Armstrong Avenue, and extending up to Von Karman Avenue.
“It’s our new approach to allow those with greater expertise in the market to be our lead partners so we can attract relevant development for our area,” Schindler said.
For Fink, the city councilmember who was inspired by Almquist’s River Street Marketplace, he looked over at the council meeting crowd and had three words for the developer, who was on hand.
“Build that here.”
Project Vision
Here is what the city of Tustin imagines for the 52-acre plot of land that Almquist will acquire and develop.
“The City of Tustin envisions a curated retail-led blended-use development that becomes a defining destination for the region. Anchored by experiential retail, the project should feature a mix of charming boutiques and stylish shops, gourmet fare and crafted beverages, engaging entertainment options, and thoughtfully integrated residential and hospitality components,” according to the development overview paperwork.
Among the 12 proposals, a few developers suggested utilizing the full site for only commercial use and others expressed interest in an entertainment concept.
“The development should serve as a dynamic community gathering place- activating the public realm through a mix of programmed outdoor spaces, vibrant park edges, enhanced view corridors, and seamless pedestrian connections to Legacy Park.”
