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Shea Properties and R.D. Olson Developing Three Hotels at Legacy Park, the
Former Tustin, California Marine Corps Air Station
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Includes a Full-service Kimpton Hotel and Two Unnamed Select-service Hotels
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TUSTIN, CA (March 3, 2008)—Shea Properties, a leading real estate development and investment company headquartered in Aliso Viejo, Calif., has announced a deal with R.D. Olson Development, a premiere California hotel developer based in Irvine, Calif., for one upscale, full-service Kimpton boutique hotel and two major-brand select-service hotels at Legacy Park in Tustin. This is the first hospitality development deal to transpire at Legacy Park, the 820-acre mixed-use community located between Red Hill Avenue, Edinger Avenue, Jamboree Road and Barranca Parkway on the site of the former Tustin Marine Corps Air Station.

The Kimpton full-service boutique hotel includes approximately 180 rooms with an upscale restaurant at ground level, a rooftop patio and bar overlooking the urban plaza and Legacy vistas, and the addition of much-needed banquet and conference facilities. The hotel is planned as a one-of-a-kind venture that puts travelers in touch with the distinctive energy, personality and pulse of Legacy Park, offering chef-inspired flavors and fresh, local ingredients in the dining facilities and lounges. The hotel is said to be similar in concept to The Hotel Solamar in downtown San Diego, also a Kimpton hotel.

The two major-brand select service concepts are designed to meet the needs of the future 5.7 million square feet of new office users. The first hotel anchors the west end of the main street and includes approximately 160 rooms. This next generation business hotel emphasizes style, innovation, technology and conveniences, with services specifically tailored to the needs of its guests. Operating under a recognizable national brand, the hotel will utilize its name to draw travelers to the exciting experience at Legacy Park. 

The second, all-suites hotel—slated to include approximately 140 suites and designed to provide comfort and support for the business traveler—will elevate the traditional select service concept by incorporating unique design features and service-oriented amenities. Guests staying at this hotel will have the opportunity to experience Legacy Park on a more comfortable level. 
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Aerial Rendering of Legacy Park. Location of three hotels shown in yellow
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“R.D. Olson’s development of these hotels at Legacy Park will energize the main street on evenings and weekends and provide a much needed option for those traveling to John Wayne Airport,” commented Steve Center, senior vice president of leasing for Shea Properties. “This collection of hospitality opportunities is the perfect complement to the retail area’s unique dining and shopping options. It also meets the full spectrum of customer needs—from the executive and business traveler, to business relocations, to family accommodations.”

“The City of Tustin chose Shea for the development of the largest portion of Tustin Legacy because of their strong financial position, vast development experience, and dedication to quality. The hotels slated for Legacy Park will bring much-needed hospitality options to the greater Orange County area,” said Mayor Jerry Amante. 

“These hotels will set a new standard for consistent interaction with the live, work, and play environment that is Legacy Park,” said Robert Olson, CEO/President of R.D. Olson Development. “There is strong anticipation among those dedicated to realizing this new vision of Tustin.”

Surrounded by Interstates 405, 5, 55, and the 261 Toll Road, adjacent to the Tustin Metrolink Station, and minutes from John Wayne Airport, Legacy Park is at the geographic center of Orange County, offering excellent accessibility. When complete, Legacy Park will include 2,105 residential units, and 6.7 million square feet of commercial space including office buildings, retail shops, hotels and restaurants. Legacy Park will also include 170 acres of parks and open space including a 2-mile long linear park that will run diagonally through the project connecting each district with pedestrian pathways. 

Grading is now underway at Legacy Park with the first phase of construction set to begin on the Shea Technology Campus, an office park on the corner of Warner and Redhill Avenue, in mid-2008. 

About Shea Properties (www.sheaproperties.com) 
Shea Properties is a leading real estate development and investment company headquartered in Aliso Viejo, CA. During the last 23 years, Shea Properties' operating revenues have grown from less than $17 million in 1984 to more than $220 million in 2007. During that same time, the value of the Shea Properties' portfolio grew from $150 million to $2.50 billion with an additional $3.0 billion expected to stabilize in the next few years. As a leading investment real estate company, Shea Properties currently owns and operates more than 7,500 apartments units and 5 million square feet of commercial real estate in California and Colorado. Another 10 million square feet of office, industrial and retail space and 3,000 apartment units are in the development pipeline in California, Colorado and Arizona. In concert with sister company, Shea Homes, the nation's largest private home builder, Shea Properties offers a range of capabilities matched by few other developers in the industry.

About Shea Homes (www.sheahomes.com)
Shea Homes Southern California is a division of Shea Homes Limited Partnership, an independent member of the Shea family of companies. Over the past century and a quarter, members of the Shea family and their companies have accomplished many extraordinary milestones, including completing work on the foundation of the landmark Golden Gate Bridge, working on San Francisco’s Bay Area Rapid Transit System (BART) and serving as a managing partner for the construction of the Hoover Dam. Yet Shea Homes’ most satisfying achievements continue to revolve around listening to its customers’ needs and satisfying those needs by providing an extensive selection of new home floor plans and quality workmanship in the finest neighborhoods and communities available today. Honored in 2007 as “2007 Builder of the Year” by Professional Builder Magazine, Shea Homes is also investing in the future of children and communities across America by sponsoring a multi-faceted literacy awareness program that urges parents to "Read With Your Child 15 Minutes a Day." 

About R.D. Olson Development (www.rdodevelopment.com)

R.D. Olson Development is a premiere hotel developer in California, with two hotels opened in the last 90 days in Burbank and Oceanside and another hotel set to open during mid-2008 in Aliso Viejo, California.  The 125-room Residence Inn by Marriott Oceanside opened in September 2007 in the Ocean Ranch Corporate Centre; and the 166-room Residence Inn by Marriott Burbank opened in October 2007 at 321 S. First Street in downtown Burbank, and will cater to the entertainment industry.

Robert D. Olson founded R.D. Olson Development in 1998, which has since gained standing as one of the West Coast’s leading hotel developers, building numerous hotel properties for its own portfolio.  Current R.D. Olson Development projects also include a joint venture with Leisure Sports Inc. in the development of a $70 million Renaissance ClubSport by Marriott in Aliso Viejo, California, set to open in 2nd quarter of 2008.  This 174-room full-service Marriott hotel and world-class fitness center will operate as a single Marriott brand facility.  Other projects in development include a Residence Inn by Marriott hotel in Santa Barbara County; a hotel in the Palm Springs area; and an ocean-front hotel on the California Coast.

The company also developed the eight-story 174-suite Marriott Residence Inn Irvine;  a $62 million 407-room resort project in the Anaheim Resort Zone consisting of a seven-story Staybridge Suites and a nine-story Holiday Inn; and the eight-story 526-bed University Village Towers, an upscale student housing facility bordering the University of California, Riverside. 

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Contact:

Danielle Tocco
949.863.1910 ext. 24
daniellet@amies.com
 

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Also See: Leisure Sports Inc. and R.D. Olson Development Building a 174 room $65-million Renaissance ClubSport in Aliso Viejo, California / May 2006
R.D. Olson Development Opens the $37 million Burbank Marriott Residence Inn; Features A Light-emitting Diode (LED) Display Integrated into the Architecture and Wrapped Around all Four Sides of the Hotel Exterior / November 2007
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