The Dunes Infrastructure and Municipal Services Financing Plan
City of Marina
Mixed-Use, Workforce Housing, Retail, Office, Parks and Open Space
Keyser Marston assisted the City of Marina in its efforts to redevelop 429 acres adjacent to CSU Monterey Bay at the former Fort Ord military 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 received a Smart Growth Catalyst Award in 2010 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);
Conducted market analyses of the residential, retail, and office components of the project;
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;
Determined the land price to be paid and the timing for the payments;
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;