A new agreement struck early this month between the city of Tustin and two housing developers will add north of 1,000 new apartments on the former Marine Corps Air Station.
REIT AvalonBay Communities Inc. of Arlington, Va., and Los Angeles-based affordable housing developer Abode Communities entered into an exclusive negotiating agreement to develop Legacy Village, a 19.4-acre mixed-use project including 1,208 apartments within the 1,600-acre Tustin Legacy development.
The community will include several buildings across three blocks and will be developed in phases. In addition to apartments, it will include 5,000 square feet of retail, 2,500 square feet of coworking space, 7 acres of private and public open space and amenities.
A quarter of the apartments will be reserved for those earning between 30% and 80% of the area median income, according to the city.
By unit count, Legacy Village will be the largest apartment project at Tustin Legacy once complete, according to the city. Over the past decade, 758 apartments and 993 homes have been built at Tustin Legacy, according to city filings.
“Legacy Village will be one of the most unique residential projects in Orange County, if not the state,” Tustin Mayor Austin Lumbard said in a statement.
A price for the land hasn’t been finalized yet.
Elsewhere at Tustin Legacy, homebuilder Brookfield Residential is well underway with a 400-home project dubbed The Landing, at the intersection of Barranca Parkway and Tustin Ranch Road. It’s a short walk from both the Flight office complex and The District shopping center.
The roughly 25-acre site will hold 117 detached homes, 129 triplex townhomes, and 154 stacked flats and townhomes, according to city records.
The project’s been in the works for a couple years, but was temporarily shelved amid the pandemic.
The base purchase price of $61.5 million for the land was cited in 2020, according to city filings.
That works out to about $2.4 million per acre, and nearly $154,000 per residential unit.
New offices may also be on the way to add to Tustin Legacy’s growing population.
The local office of Lincoln Property Co. is in the design process for the second phase of Flight, a 470,000-square-foot office complex that first delivered in 2019.
The new phase would be located on a site that can accommodate nearly an additional 500,000.