The Dunes On Monterey Bay

Base Closure Authorities Cities and Counties Fiscal Impact Analysis Municipal Service Financing Strategies Big Box Retail Hotels Large Acreage Military Bases Mixed Income Mixed Use Retail Single Family Residences

Client: City of Marina

Keyser Marston has assisted the City of Marina in its efforts to redevelop 429 acres adjacent to CSU Monterey Bay at the former Fort  Ordmilitary base into a sustainable mixed-use development known as The Dunes on Monterey Bay. Components include 1,237 new homes and apartments, over 1.5 million square feet of big box retail  and office space, along with promenade retail; additionally two hotels are planned, a beach boardwalk, and 42 acres of city parks, open space, and trails.  A portion of the new homes will be designated as affordable and workforce units.

The project recently received a Smart Growth Catalyst Award from the State of California's Housing and Community Development Department (HCD). 

Keyser Marston's services have included the following:

• Prepared the financial terms of Developer RFP;
• Assisted in selecting the developer – an LLC comprised of Shea Homes, Shea Properties, and Centex Homes (later replaced by Pulte Homes)
• Evaluated the development economics of the project through the preparation of a cash flow analysis modeling entitlement costs, land development, finished product, and affordable housing obligations.
• Evaluated the fiscal impacts of the project;
• Evaluated the property tax increment to be generated by the project;
• Determined the land price to be paid and the timing for the payments;
• Determined the project’s ability to provide a number of public benefits, including affordable housing, workforce housing, and community parks.
• Developed a financing plan for the project, including the use of land-based financing for infrastructure and tax increment financing for a portion of the affordable housing obligations.
• Negotiated business terms with the Developer

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