After working proactively with the community for the last several years to develop the LOS OSOS project, aimed at revitalizing Mission Viejo and diversifying its economy, the City issued a new Request for Qualifications (RFQ) on August 29 to expand the pool of potential partners and explore a broader range of development options for the project at the former Stein Mart building on Marguerite Parkway.
The RFQ invites innovative proposals including public-private partnerships and potential property sales to redevelop the site for restaurant, retail, entertainment, professional office or service-oriented businesses, along with vibrant gathering spaces that strengthen community life.
The original LOS OSOS plan, approved unanimously by the City Council on October 24, 2023, was developed with extensive community input (five public meetings) and based on the best available data at that juncture. (See timeline here.)
However, evolving market conditions and store closures, legal issues in the aging center that was built in the 1970s, increased interest rates, and limited bidder interest in the project have resulted in a strategic pivot, which will now allow the City to explore options that enhance the project’s viability.
In addition, the RFQ encourages diverse proposals, which could reduce City costs, enhance revenue potential and align with community desires for a vibrant downtown. The decision reflects the City’s commitment to fiscal prudence, risk mitigation, and maximizing community benefits by ensuring the project adapts to current economic and legal realities.
Since the City owns the 3.3-acre former Stein Mart property (purchased in December 2021 for $12 million), delaying the contract award for LOS OSOS incurs no additional cost. A recent appraisal confirms the property’s value has increased.
This RFQ plan builds on strong public support by ensuring the project complements neighboring businesses and meets resident expectations for a lively and safe downtown as evidenced by community engagement and events the City has regularly hosted at the site (North Paseo) including the popular Farmers Market, Night Markets and other special and holiday events.
The City has long worked to expand its tax base particularly as similar redevelopment projects in surrounding cities continue to attract residents away from Mission Viejo to shop, dine and play.
Retaining and expanding a city's tax base is crucial for its financial health and ability to provide essential services to its residents. A strong tax base allows cities like Mission Viejo to invest in infrastructure, public safety and maintain a strong sense of place, ultimately improving the quality of life for all residents.
The new Request for Qualifications (RFQ) is due by 5 pm, October 17. For more information, visit this link.
Comments
Yes MV should buy Big Lots…
Yes MV should buy Big Lots and stop it from opining a store like Savers thrift store. Stores such as Savers will not bring a strong tax base, safety or quality of life for its residents.
Private development without…
Private development without government bureaucracy gets things done faster. My guess the center will be developed about the same time the California bullet train gets running. Get out of the way and let the free market do what it does best.
When will this decision be…
When will this decision be presented to the public at a council meeting? The City spent millions of dollars on purchasing property, legal fees, and consultants in developing the (ridiculous, in my opinion) Los Osos plan and now they are just walking away from it?
Thank you for your comment…
Thank you for your comment on the News page and interest in developments at the Village Center. The City stands happily ready to assist with prospective commercial improvement projects – as has recently been done with approvals of the new Outdoor Village at The Shops at Mission Viejo; the first-in-the-nation standalone Costco Gas Station in the Freeway Center; the major Tower 3 project at Providence Mission Hospital; the new Wholesome Choice Market in the Marguerite Center; and many more – and would be excited to speak with any Village Center property owners at 949-470-3053.
There's a fantastic new…
There's a fantastic new tenant that wants to open a store at the old Big Lots, but the city is making life miserable for them by adding layers and layers of red tape. They've done the same thing to the folks that own the Michaels building. There's no lack of tenant interest. The people that own these buildings are doing everything they can to bring in tenants. They've had numerous offers from great tenants that would benefit the residents and generate sales tax income. The vacant buildings are NOT vacant because the owners are greedy or unreasonable! Most of the building at this property have separate owners, most of whom are regular people, not giant corporations. They simply want to rent the spaces to good tenants and collect income. Many of the owners are elderly retirees that made real estate investments to provide retirement income.
The center is becoming…
The center is becoming blighted with all the vacancies !
The City needs to be business friendly and encourage new businesses to come to our City! New facades on some of the buildings would greatly improve on the tired old Spanish architecture. Incentives could be given to expedite renovations. More viable businesses would provide tax money to our City.
Come on Mission Viejo! We've…
Come on Mission Viejo! We've heard about this for years now. Let's put a plan in place and get moving! MV should buy the Big Lots property and start the rejuvenation.
We are so excited for this…
We are so excited for this project. Mission Viejo truly needs a downtown nice shops restaurants so we can spend our money in our own city dining and for our enjoyment can’t wait to see this project through..