Critical Decision Pending for the ‘Heart of Oceanside’

Aug. 26, 2011 - PRLog -- Oceanside, Calif. – Two real estate developers have different views on the potential for El Corazon, a 465-acre project off of Oceanside Blvd at the city’s center. Stirling Development, the developer of Ocean Ranch Corporate Centre, has proposed a plan that will help transform Oceanside into a Southern California “destination city.”  Stirling, which has partnered with the city of Oceanside over the last 12 years, will present its plan for the future of the city to the Oceanside City Council on August 31, 2011, and request that it receive approval to move forward.

The city’s Economic Development Commission is recommending a competing plan from Sudberry Properties, which proposes 20 temporary soccer fields with the potential for retail development in an unspecified timeline. El Corazon as envisioned by Stirling is a grander vision, which includes not only soccer fields, but also incorporates facilities for baseball, football, lacrosse, and takes a step further with emerging sports, such as BMX and free-running. The Stirling proposal also contains plans for a health and wellness treatment and education center, natural walking trails, a farmer’s market, retail, and space for community gatherings.

“The Oceanside Economic Development Commission has fast tracked its preferred plan and we feel that the Council and city residents deserve to hear and review both plans,” said Dougall Agan, president and CEO of Stirling Development. “We commend the Commission on insisting on a project that would incorporate city sports amenities with parklands, shopping and urban living, but we strongly believe that the local community deserves a plan that will go further in making Oceanside a viable destination city.”  

When Stirling first began working on a plan for El Corazon, it commissioned a third-party study on the economic structure of Oceanside, to determine if the city could support another retail center. The study, by DDS Marketing, found that without bringing in significant numbers of outside visitors, any new development will not be sustainable. Stirling’s plan will focus on El Corazon “multi-use” aspects, turning Oceanside into a year around destination city that will complement neighboring cities throughout north San Diego County.

El Corazon as envisioned by Stirling already has a commitment from several reputable partners including Ripken Experience, Camp Woodward, Hyatt, Hilton, Carltas Company, Hippocrates, Oakley, Tempest Freerunning Academy, Site Design Group, Tri-City Medical Center, the Veteran’s Association and the Oceanside Charitable Foundation. If the City Council were to approve Stirling’s vision for El Corazon, the developer will work with these companies to create an environment that supports a thoughtful balance between commercial and residential properties – an integration of business and nature. Stirling’s plan makes mixed-use development an immediate reality through the commitments from these partners.

As with many developments of this size, El Corazon as envisioned by Stirling will be funded through a mix of sources including private/public-sponsored community bond financing (CFD)— which results in absolutely no financial burden on the city or its residents— along with private facility funding and corporate sponsorship revenue. The companies who do business within El Corazon will then create a permanent revenue stream for the City of Oceanside. Through this, Stirling has ensured that the public will not fund the project.

Stirling has a long and vested interest in the city of Oceanside. Through its partnership with the city, it has delivered on its promise to become the city’s largest employment generator, through its Ocean Ranch development. It invested more than $50 million in public infrastructure and procured business investment in excess of $1.5 billion from companies that relocated to Ocean Ranch.

About Stirling Development
Stirling Development is a Foothill Ranch, Calif.-based strategic, full-service, value-added development company specializing in master-planned communities and major developments. Stirling is led by partners Dougall Agan and Chris Downey, who have been responsible for more than $3 billion in development activity on large-scale land development projects in Los Angeles, Orange, San Bernardino and San Diego counties. http://www.elcorazonoceanside.com.