FACT SHEET

EL CORAZON HISTORY: El Corazon (“The Heart of Oceanside”) is an approved Specific Plan encompassing 465 acres in the heart of Oceanside. Once the site

of a mineral and gravel mining operation, El Corazon is envisioned as a 212-acre park and recreational facility flanked by 164 acres of preserved habitat on one end and 89 acres of civic, cultural, hotel and mixed use (commercial and residential) uses on the other end.

On June 3, 2009, the City of Oceanside approved the El Corazon Specific Plan and its related Environmental Impact Report (EIR). The El Corazon Specific Plan identifies six different land use districts:

PARKS AND RECREATION: 9 different parks with athletic fields, playgrounds and more

HABITAT: preserved coastal sage scrub, trails, interpretive learning opportunities

CIVIC SERVICES: Senior Center, Community Center, Recreational Center, and more

HOTEL: 2 hotel sites including one destination hotel and one regional hotel

OCEANSIDE BLVD. COMMERCIAL: 167,000 sq. ft. of commercial space, 165,000 sq. ft. of office

VILLAGE COMMERCIAL: 167,000 sq. ft. of commercial space, 80,000 sq. ft. of boutique office space

EL CORAZON FUNDING: The bulk of the funding to build El Corazon (estimated at $172.4 million*) is anticipated to come through commercial leases

collected from future commercial development planned for El Corazon. At this time, market studies acknowledge that a lack of new homes and new customers within El Corazon and the adjacent area makes retail and other commercial operations challenging, especially in the Village Commercial District. However, the introduction of new homes offered for sale at El Corazon would introduce a stable base of new customers to El Corazon which would ignite commercial leasing activity and provide funding, sooner, for the El Corazon amenities envisioned. **

Existing Sprinter Station

In September 2009, the City added 300 mixed-use residential units into El Corazon’s Oceanside Blvd. Commercial and Village Commercial districts. Mixed-use homes feature adjoining retail uses typically located below or adjacent to the homes. This action responded to the San Diego Association of Government’s (SANDAG) “Smart Growth” initiative to promote walkable, Transit-Oriented Development (TOD) whereby homes and retail uses have proximity to business parks, hotels, and the nearby Sprinter Station on Oceanside Boulevard. Ultimately, 32 residential units were allocated to a 4.8-acre site of privately owned property at El Corazon and 268 units were allocated to City of Oceanside for its property holdings at El Corazon. The city selected Sudberry Properties to develop its holdings under a development agreement.

Park Villas Location

Existing Ocean Ranch Plaza and

hotels

Existing Ocean Ranch Corporate

Center

Legend: H = Hotel VC 1 = Mixed Use Village Commercial - Shopoff VC 2 = Mixed Use Village Commercial – Sudberry VC 3 = Village Commercial - Sudberry OBC = Oceanside Blvd. Commercial District

SC = Senior Center AQ = Aquatic Center Green = Parks, Recreation, and Habitat

WHAT: PARK VILLAS

Located on 4.8 acres of privately owned property within the Village Commercial District of the El Corazon Specific Plan is Park Villas, envisioned as a horizontal mixed-use neighborhood consisting of the Park Villas townhome enclave and The Shops at Park Villas. Accessed via the fully landscaped “B” Street Entry from Rancho Del Oro Drive, both Park Villas components are entered off Village Commercial Drive which is envisioned to serve as a walkable commercial corridor within El Corazon. Park Villas Enclave: While the El Corazon Specific Plan allows up to 300 residential dwelling units, only 32 units were allocated for the Park Villas parcel. The application for Park Villas proposes to add 38 residential units to create an enclave of 70 high-end, for sale townhomes at Park Villas within El Corazon. The homes within the Park Villas Enclave will be conveniently situated within walking distance of both employment at adjacent Ocean Ranch Corporate Center and the nearby Sprinter Station, thereby making Park Villas a Transit-Oriented Development (TOD) under SANDAG’s “Smart Growth” initiative. The Shops at Park Villas: Park Villas also proposes to provide 3,000 sq. ft. of adjacent retail space designed to provide residents and visitors an opportunity to shop and dine in El Corazon. Covered and uncovered patio seating, enhanced pavers, and parking along the street frontage will be provided at The Shops to increase its function as a commercial focal point. The 3,000 sq. ft. of retail space at The Shops exceeds the minimum retail requirement (by 157%) based on an approved formula allocating 500 sq. ft. of adjoining commercial space for every 30 dwelling units built at El Corazon. “B” Street Gateway: In collaboration with area business leaders, Friends of El Corazon and City of Oceanside leadership, the Park Villas team has designed and will fund the El Corazon Park entry monumentation, landscaping, enhanced paving, round-about, and trails at the “B” Street entry to help establish an important “sense of arrival and place” at El Corazon. The value of these improvements is currently estimated at $2 million.

WHO: Shopoff Realty Investments is a family-owned and operated real estate investment firm with a wide portfolio of holdings throughout

Southern California and in Arizona, Colorado, Montana, Nevada, New Jersey, Ohio and Texas. Under the direction of Oceanside-based Vice President of Development Brian Rupp, Shopoff manages property holdings in Carlsbad, the City of San Diego, Vista, and even two in Oceanside. Rupp and his family reside in Oceanside where Mrs. Rupp is a special education teacher with the Vista Unified School District. Plus, Rupp is a member of the Oceanside Chamber of Commerce, a contributor to Friends of El Corazon, Buena Vista Audubon Society, and Oceanside Charitable Foundation, San Diego Aviation Explorer Post 120, and an active supporter of the Rancho Buena Vista Little League.

WHEN: COMPLETED

Initial Park Villas conceptual plan creation and application submittal

Introductory presentation to the Oceanside Chamber of Commerce Emerging Issues Committee

Outreach to adjacent Ocean Ranch Corporate Center businesses and Ocean Ranch Plaza retailers

Planning Commission and City Council Workshop

Introductory meetings with various City Councilmembers and City Planning Staff

Numerous meetings with leaders of Friends of El Corazon, the Economic Development Commission’s El Corazon Standing Committee, adjacent businesses and retailers, professional organizations, and other key stakeholder groups

Refinements to the Park Villas application to reflect the addition of the 3,000 sq. ft. of retail space at The Shops at Park Villas

Environmental review and research

Economic Development Commission’s El Corazon Standing Committee Review

UNDERWAY

Continue stakeholder engagement

FUTURE ACTIONS

Planning Commission Hearing

City Council Hearing *“El Corazon Public Facilities Impact Study”– Willdan Financial Services, 2009 **“Mixed-Use Retail and Market Feasibility Study of Oceanside” – The Concord Group, 2015 ***“Park Villas Fiscal and Employment Impact Study” – Rea and Parker Research, 2016

PARK VILLAS BOTTOM-LINE BENEFITS

Establish a mixed-use retail corridor in El Corazon and an inviting place for residents and visitors to shop and dine

Create a base of customers to support The Shops at Park Villas and other retailers along Village Commercial Drive AS WELL AS the existing retail businesses currently struggling at adjacent Ocean Ranch Plaza and other nearby retail locations

Fund “B” Street improvements and El Corazon Park entry monumentation signage

Bring the stability and security of homeownership to El Corazon while promoting TOD “Smart Growth” initiatives

Provide new homeownership opportunities for Oceanside’s residents and expanding businesses

Contribute $2.79 million in development fees to the City of Oceanside ***

Contribute $436,800 in development fees to the Oceanside Unified School District***

Create 255 temporary construction jobs and 42 new permanent jobs***

Generate $1.2 million in economic activity annually from the Shops at Park Villas

Generate $2.17 million annually in spending from Park Villas residents

“B” Street Entry View The Shops at Park Villas