The City of Malibu closed escrow yesterday to complete the purchase of 35 acres of land at Trancas Canyon Road and Pacific Coast Highway. Purchase of the property was approved by the City Council at its Regular meeting on August 8, 2016.
The purchase of this property, commonly known as Trancas Field, is part of the settlement of the most recent in a string of lawsuits over the development of this property. The property’s tumultuous history arose from pre-cityhood approvals by the County to develop the property with 15 single family lots and 52 townhouse condominium units, accessory structures, wastewater disposal systems, and roads.
“The City is thrilled to have acquired this important and beautiful property on the west end of town,” commented Mayor Lou La Monte.
Since approval of the purchase, the City has been gathering community input on how the site would best suit the needs of the Malibu community. Data from the Parks and Recreation Department Master Plan Needs Assessment, along with an online community-wide questionnaire, community workshops, and focus groups, will all be assessed when analyzing options for the site. The online questionnaire will remain open through December 12, 2016 on the City’s project webpage at www.MalibuCity.org/TrancasFiel
The $11.3 million purchase price for the property will be financed through the sale of certificates of participation (COPs) issued by the City.
