FivePoint Communities Management Inc. in Aliso Viejo said that part of the property owned by them would be available for the construction of a great “interim amphitheater,†pending–of course–approval by the city of Irvine.
FivePoint partnered with Live Nation Entertainment Inc. to design and construct the outdoor pavilion, which would include 12,000 seats, parking, and concession stands, hoping to open in time for the 2017 summer season.
Christina Shea, Irvine City Councilwoman, said that the approval of the developer's conditional use permit may come at the end of 2016 or early January.
FivePoint, which sells residential lots at $5 million an acre, has dedicated 45 acres to the project that can last up to three years–and more if the project is as successful as they hope.
Chief executive Emile Haddad said this regarding the clear financial loss: “We will not be able to use this land (for any other purpose), so obviously it is a loss for us, but at the same time, it's very important to have [the concert venue], so that's the decision I decided to make–give this land, set it aside and say, ‘Yes, we may have a delay in our own development, but it's the right answer for Great Park.'†It's this sort of sacrifice, putting ahead the needs of people and the betterment of the community ahead of profit and money.
FivePoint plans to build nearly 9,500 homes on a portion of the former El Toro Marine base in Irvine, and is helping the city develop an additional 688 acres of Great Park into a variety of recreational uses.
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