U N I V E R S I T Y - I N N O V A T I O N D I S T R I C T Millenia Actions
Advancing
Chula Vista's
University-Innovation
District
C H U L A V I S T A E C O N O M I C D E V E L O P M E N T J A N U A R Y 2 0 2 3 C H U L A V I S T A E C O N O M I C D E V E L O P M E N T J A N U A R Y 2 0 2 3 December 6, 2022
Actions Implementing the University Vision
Approval of a Purchase and Sale
Agreement (PSA)
Approval of a Project Development
Agreement (PDA)
Appropriation of $66.4M in City
funds for the project
Awaiting $30M in State Library
Grant Funding
Launch the first phase of the UniversityInnovation District in Millenia:
F U T U R E O P P O R T U N I T Y : I M M E D I A T E O P P O R T U N I T Y :
Approval of an Exclusive Negotiating
Agreement (ENA) with HomeFed to
negotiate a Master Developer
Agreement (MDA) for the UniversityInnovation District
Plan for future development on the 383-
acre University site with HomeFed as
the Master Developer:
Subdivision of 10.93-acre parcel
with hotel development on 2.1 acres
City to receive the remaining 8.83
acres to accommodate up to 1.7M sf
of office uses on Millenia Office
Invent Campus
Millenia Lot 1 Millenia Lot 7* Millenia Lot 19
Purchase of 7.06-acre site and the
project (entitlements, construction
docs, site work, parking and
construction) for development of
168,000 sf Cinematic Arts
Academic Center and Library
*not a part of this action
Transfer of 700,000 sf of office
entitlements to Lot 1 and
development of up to 324
residential units
Millenia Actions
C H U L A V I S T A E C O N O M I C D E V E L O P M E N T J A N U A R Y 2 0 2 3 40,000 sf
Surface Parking
Amenity Building
6,100 sf
Fire Station 10
Future Opportunity
150,000 sf
40,000 sf pad
Lot 1
Future Opportunity
1.7M sf
Library: 60,000 sf
SDSU: 50,000 sf
Industry: 58,000 sf
2 acre park
SR-125
University-Innovation District in
Millenia
Millenia Avenue
Parking Structure
C H U L A V I S T A E C O N O M I C D E V E L O P M E N T J A N U A R Y 2 0 2 3 Ayres Hotel
Lot 19
up to 324
residential units
Millenia Lot 1
Land Acquisition: $1
Appraised value: $10,000,000
Purchase and Sale Agreement - In Progress
2.1-acre parcel for reputable flag hotel (permissible use) City expedites review of remaining residential units on Lot 19
700,000 sf of office entitlements from Lot 19 transfer to Lot 1
City to own 8.83-acre Lot 1 in as-is condition after 2.1-acre subdivision
Lot 1: Economic Development Uses
C H U L A V I S T A E C O N O M I C D E V E L O P M E N T J A N U A R Y 2 0 2 3 Millenia Lot 7
Land Acquisition: $11M
15.89 acres for $11,000,001 = $15.89/sf
$96.4M for land, entitlements, 100% CDs, and construction of:
168,000 sf Library building;
6,100 sf Amenity building;
Parking; and
Site Improvements
City to own 7.06-acre Lot 7 including all entitlements, plans, and studies upon close of escrow
Lot 7: Cinematic Arts Academic Center &
Library
C H U L A V I S T A E C O N O M I C D E V E L O P M E N T J A N U A R Y 2 0 2 3 Millenia Lot 19
Lot 19 previously entitled for up-to 700,000 sf of office development which would be transferred to Lot 1
(Millenia Office Invent Campus)
Shift is permissible under EUC SPA Plan Density
Transfer provisions
EUC SPA has entitled 2,983 residential units and 2,659 units have been constructed to-date
Lot 19: Completion of Entitled Housing Units
in Millenia
C H U L A V I S T A E C O N O M I C D E V E L O P M E N T J A N U A R Y 2 0 2 3 Future University Actions:
Acceptance of $30M in State Grant Funds - Q1 2023
March 1 deadline per PSA
Lease Agreement with SDSU - Q1 2023
March 1 deadline per PSA
Upcoming Millenia Actions for City Council Consideration:
C H U L A V I S T A E C O N O M I C D E V E L O P M E N T J A N U A R Y 2 0 2 3
Recommended Action for
Item 8.1:
Conduct the public hearing and place an ordinance on first reading authorizing the Second Amendment to the Development Agreement by and between the City of Chula Vista and McMillin Otay Ranch, LLC. (First Reading)
C H U L A V I S T A E C O N O M I C D E V E L O P M E N T J A N U A R Y 2 0 2 3 Thank you!
Questions?
C H U L A V I S T A E C O N O M I C D E V E L O P M E N T J A N U A R Y 2 0 2 3