The ground lease and related documents for the proposed Heritage Corporate Center, which will be the largest commercial and light industrial development in the city's history, was signed by the developer and city officials last week, allowing construction to begin in March.
The formal approval of the documents gives O'Donnell Brigham & Partners/Southern, a Costa Mesa-based construction company, the green light for the center's first phase, which consists of 13 light industrial warehouse and office buildings. The second and third phases, expected to be built over the next three years, will include office buildings, restaurants and a day-care center. A historical park that will be developed separately by the city will also be on the 67-acre property at Telegraph and Norwalk boulevards.
Under the 70-year lease, the city will receive a payment of $228,984 a year for phase one; $141,428 a year for phase two; and $204,601 per year for the last phase.
The city will also receive 20% of the adjusted gross income and a percentage of any profits made from the sale of the development if it is ever sold, said Don Grant, a partner with the firm.