City Council Approve the Sale of City Owned Property on Katella Avenue for Mixed-Use Project
The City Council recently approved the sale of the City-owned 13-acre parcel at Katella and Winners Circle (just west of Costco) to Shea Properties for $15.25 million plus $5.9 million for park fees. This approval begins the process of creating a compelling mixed-use project that integrates with the Town Center District approved as part of the master plan for the eventual redevelopment of Los Alamitos Race Course (Measure A).
Shea Properties’ proposal will transform a currently vacant parking lot into a vibrant town center that includes luxury apartments, a movie theater, retail shops and restaurants, and a hotel. The project’s architectural design incorporates private open space and public plaza areas, enhanced landscaping, public walkways and benches, as well as lighting and street improvements to ensure smooth traffic flow in and around the development. Shea Properties has dubbed the project the Cypress City Center and more information about it is available at www.cypresscitycenter.com. When complete, the project should boost the City’s budget by more than $800,000 annually.
Cypress City Center is a modification of a commercial center approved by the City Council in 2007. The 2007 project included approximately 150,000 square feet of big box retail, restaurant and quickserve uses. Cypress City Center includes a four-story residential component with 251 luxury apartment units; a 60,000 square foot commercial center, including a movie theater, retail shops, and restaurants; and a 120-room hotel. Cypress City Center will provide the community more amenities than the 2007 project while creating less traffic.
The first step in the development process is the preparation of an Environmental Impact Report (EIR), which is an informational document that provides public agencies and the community with detailed information about the effect a proposed project is likely to have on the environment. The EIR also lists the ways in which these environmental effects might be minimized and whether there are any alternatives to a project.
The EIR and other City Council approvals must be complete before the City exchanges the site to Shea Properties. Shea Properties’ schedule calls for the City Council to consider those approvals in late spring or early summer 2020 and they will be gathering community input on the project throughout early 2020.
To stay up to date on the project, please visit www.cypresscitycenter.com and follow the City on Facebook and Instagram (@cityofcypress) to stay up to date on City news and events.