Marina Opp Zone

March 14, 2019 ForaJosh

Marina Opp Zone

  • The City of Marina, California is a diverse growing community of 23,850 within a semi-rural county of 430,200.
  • Historically home to the US Army installation at Fort Ord, now home to the California State University Monterey Bay, Fort Ord Dunes State Park, & Fort Ord National Monument.
  • Located directly on the beautiful Monterey Bay, 44-mile south of Silicon Valley, Marina offers an incredible quality of life and room to grow.
  • $300 million in new mixed-use, retail and residential development since 2005.
  • Multiple entitled developments in the pipeline with additional residential and light industrial opportunities.
  • Fully-staffed planning and development team at the City of Marina ready for quality projects.
  • Marina Opportunity Zone Lead: Layne Long, City Manager llong[at]cityofmarina.org, (831) 884-1224

The 2017 Tax Cut and Jobs Act established new Internal Revenue Code 1400z – Opportunity Zones

  • TEMPORARY DEFERRAL A temporary deferral of inclusion in taxable income for capital gains reinvested into an Opportunity Fund. The deferred gain must be recognized on the earlier of the date on which the opportunity zone investment is disposed of or December 31, 2026.
  • STEP-UP IN BASIS A step-up in basis for capital gains reinvested in an Opportunity Fund. The basis is increased by 10% if the investment in the Opportunity Fund is held by the taxpayer for at least 5 years and by an additional 5% if held for at least 7 years, thereby excluding up to 15% of the original gain from taxation.
  • PERMANENT EXCLUSION A permanent exclusion from taxable income of capital gains from the sale or exchange of an investment in an Opportunity Fund if the investment is held for at least 10 years. This exclusion only applies to gains accrued after an investment in an Opportunity Fund.
  • The Marina Opportunity Zone encompasses ~3000 acres of prime California Coastal land.
  • Located on the southern portion of the City of Marina, Monterey County, California.
  • 44 miles from Silicon Valley, 5-miles from Monterey, 4-miles from Salinas, 10-miles from Carmel-by-the-Sea.
  • Zoned land uses include a mix of residential, commercial and light industrial.
  • The zone is primed for quality development with reuse of former Fort Ord Army base.

History

  • Former home to US Army 7th Infantry Division.
  • West Coast training facility from 1914-1994.
  • Closed for civilian reuse in 1994.

Today

  • Award-winning, balanced education, conservation & economic development-reuse plan.
  • Home to California State University, UC Monterey Bay Education, Science & Technology Center, Monterey Peninsula College, Monterey College of Law, & others.
  • Thriving new mixed-use planned communities & reuse opportunities.
  • Ample recreation at Fort Ord National Monument & Fort Ord Dunes State Park.

City of Marina Momentum

  • By the Numbers
    • City population over 23,850 & growing; regional population 430,200.
    • $750 million in new construction & infrastructure since 1994.
    • Growing CSUMB campus with 7100 students & 1500 faculty & staff.
  • By the Assets
    • Located at the center of Monterey Bay region.
    • Educational reuse of former Amy base includes CSUMB, MPC & UCSC.
    • Future oriented drone, automation & robotics technology economic development initiative.
  • By the Zone
    • Planned growth & development areas with focus on job generation.
    • Prime entitled commercial, mixed-use, hotel, and office sites.
    • Municipal airport with planned business park development.

By the Assets

  • Location, Location, Location
  • Educational Reuse
  • Recreation & Hospitality
  • Strong & Light Manufacturing
  • Growing Tech Cluster
  • Entrepreneurship
  • Educated Workforce
  • Health Cluster
  • Growing Community

By the Zone: Key Opportunities

  • Cypress Knolls
  • Dunes on Monterey Bay
  • Marina Airport Gateway
  • Marina Airport
  • Marina Arts District
  • Sea Haven
  • Stockade Parcels

Cypress Knolls

  • The Assets
    • City-owned 190 acres re-development site, close to pristine beach on Monterey Bay.
    • Located 1.2 miles from Cal State Monterey Bay, ¼ miles from The Dunes Regional Mall and CA-1.
    • Located 3.7 miles from Marina Municipal Airport.
  • The Opportunity
    • Mixed-use re-development opportunity including 772 housing units, community center, & 50k sf commercial/retail.
    • Entitled & shovel-ready.

Dunes on Monterey Bay

  • The Assets
    • Fully entitled multi-phase, mixed-use residential, retail, hospitality, office development.
    • Directly adjacent to CSUMB, Fort Ord Dunes State Park, and CA-1.
    • Located 15 min north of Monterey Peninsula & Regional Airport.
  • The Opportunity
    • Premier, mixed-use development on the Monterey Bay.
    • Shovel-ready commercial, hospitality, multi-family residential phases & projects.
    • Capitalize on market inertia.

Marina Airport Gateway

  • The Assets
    • Contiguous land parcel comprised of 50 acres close to the Pacific Ocean
    • Surrounding area is comprised of the 845 acres of the Marina Municipal Airport, commercial tenants.
    • Reservation Road is a main arterial that connects Salinas and Highway 1 with over 28,000 ADT (average daily trips).
    • Imjin Road connects the site with Highway 1.
    • Site is less than 1 mile from California State Monterey Bay.
    • Development and construction project that can be completed within 31 months to comply with Opportunity Zone regulations.
    • Project can be scaled up or down ($75M-$150M) based upon needs and/or requirements.
  • The Opportunity
    • The project will address market demands for industrial and retail.
    • Up to 600,000 sf of buildable space.
    • Capitalize on market inertia.

Marina Airport

  • The Assets
    • General aviation airport within Marina city limits, 2 miles east of the city center.
    • City owned site, comprised of 845 acres and centrally located in region serving Monterey Peninsula, Santa Cruz County and Salinas Valley. Close to Monterey Bay and 60 miles southwest of San Jose. 1-mile from CSUMB.
    • University of California Monterey Bay Education, Science & Technology (UCMBEST) Center adjacent to the airport.
    • 2018 Marina Municipal Airport Master Plan sets vision to improve aviation infrastructure and complement economic development opportunities on airport property.
  • The Opportunity
    • The site is a mixed use project that will address market demands for heavy and light industrial.
    • The site will address needs for self-storage, retail and hospitality uses.
    • Up to 900,000 sf of buildable space.
    • Capitalize on market inertia.

Marina Arts District

  • The Assets
    • City-owned warehouses located at 2nd Ave & 8th Street, with quick CA-1 highway access.
    • Direct pedestrian connection to Fort Ord Dunes State Beach.
    • 60,000 sf structure on 12-acres.
    • Included in entitled Dunes Specific Plan, a 429-acre mixed-use, master plan.
    • Progress to date: 898 residential units, 646,000 sf retail improvements, & 106-room Marriott Springhill Suites hotel.
  • The Opportunity
    • Redevelop existing 60,000 sf Arts District building into a creative structure for retail shops, artisan studios, office space, innovative light manufacturing, retail, foundries, museums and both indoor/outdoor entertainment.
    • Capitalize on market inertia.

Sea Haven

  • The Assets
    • 1050 new home development on 240 acres near the Monterey Bay.
    • Located 1-mile from CSUMB, 0.5-mile from regional retail center, 3 miles from Marina Municipal Airport, & 1-mile from CA-1.
  • The Opportunity
    • Award winning new home designs available for purchase.
    • Capitalize on market inertia.

Stockade Parcels

  • The Assets
    • City-owned 14 acres re-development site, close to pristine beach on Monterey Bay.
    • Located 0.5 miles from Cal State Monterey Bay, ¼ miles from The Dunes Regional Mall and CA-1.
    • Located 3 miles from Marina Municipal Airport.
  • The Opportunity
    • Build an industrial park, research campus, with offices & light manufacturing.
    • Capitalize on market inertia.
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