Thank you for inviting us to respond to the City of Tustin’s RFP. On behalf of Regency Centers, we are excited to present our proposal for the development of a unique retail and athletic destination. Our plan is to blend vibrant retail, dining, hospitality, and experiential uses with an innovative athletic destination - something we believe will be a landmark for the City of Tustin and the surrounding region.
Regency Centers is a national owner and developer of specialty retail centers. Traded on the NASDAQ under the symbol REG, we have a market cap of $18B+ Billion.
Our strengths are simple:
• All-Cash Buyer and Builder. We will not require a lender so we do not need a financing contingency
• Experienced Partners with the City of Tustin. In 2018 we completed The Village at Tustin Legacy, a 250,000 square foot mixed use development. We look forward to working with the city to see their vision come to fruition
• Tenant and Partner Relationships. With our vast national and local network, we have already had conversations with tenants and potential partners who want to be a part of our project
• Flexibility: We have submitted two different potential site plans but believe the BEST plan comes from working with the city to make sure all city goals are met.
Thank you for your consideration, and we look forward to the opportunity to discuss our proposal in more detail.
Sincerely,
John T Mehigan Senior Vice President, Investments - West
915 Wilshire Blvd , Suite 2200
Los Angeles, CA 90017
213 553 2273
johnmehigan@regencycenters.com
THE VISION
Tustin Legacy’s HighPerformance Destination
We see an exciting opportunity to create a highenergy destination at Tustin Legacy by combining our retail expertise with a premier sports academy campus and experiential retail. Anchored by specialty shops and unique experiential attractions—including a state-of-the-art Wave Pool, elevated Mini Golf, and a premier Pickleball Club—this destination will deliver an unmatched blend of recreation and retail. In addition, the sports academies will feature programs led by former professional athletes to prepare young athletes for collegiate-level play. To further enhance the destination, the plan also includes a hotel that will serve visiting families, athletes, and guests, creating a truly complete experience.
Inspiration: Endless Surf | California, CA
Inspiration: Chicken N Pickle | San Antonio, TX
Center Design
A Community Connection
Woven Into the Fabric of Tustin Legacy
Ideally located next to Legacy Park, the 405, 55, and 5 Freeways, and new housing, the site will feature inviting, exciting walkable connections that integrate retail, recreation, and public spaces.
WARNER AVE.
RED HILL AVE.
PEDESTRIAN
Harmonious Merchandising
Creating a Defining Destination for Tustin
This dynamic environment will establish a defining destination for Tustin, driving steady foot traffic, supporting merchants, generating meaningful sales tax revenue, and fostering community connection, health, and vitality.
Proposed Merchandising Mix
Potential Development Partners
Back Bay Barrels
915 Wilshire Boulevard, Suite 2200
Los Angeles, CA 90017
213 553 2200 RegencyCenters.com
September 12, 2025
RE: Offer to Purchase the City of Tustin Warner & Redhill Site SEC of Red Hill Ave and Warner Ave
Dear Chris and John,
We are pleased to submit the following offer for your review. We welcome your feedback and the opportunity to discuss any questions or considerations you may have.
1 Purchase Price: The total consideration shall be $15,000,000. This number is net of- The $9,000,000 backbone infrastructure fee.
- The cost of mass grading and infrastructure improvements needed for the development of the project, which we estimate to be approximately $16,000,000.
2 Initial Deposit: A Two Hundred Fifty Thousand Dollar ($250,000) deposit in cash will be deposited in escrow as an “Earnest Money” deposit. An additional $150,000 will be deposited as a deposit to be held for the City to draw upon during negotiations.
3 Closing: “Close of Escrow” shall occur ten (10) days after all entitlements have been received and the final map is recorded.
4 Brokerage: Buyer has not engaged a real estate broker in this transaction.
5 Alternative Residential Plan/Price: As an alternative to the plan presented in this RFP response, and if the city desires, Regency will add residential to our design. Our plan has been intentionally structured to allow for such flexibility. In this scenario, we would partner with New Home Company — the developer of the Levity and Greenwood communities — to deliver a high-quality residential development consistent with the surrounding area.
Under a plan that contemplates residential, our purchase price would increase by approximately $5,000,000 for each acre of retail converted to residential. By way of example, ten acres (approximately 150 units) would increase our offer to $65,000,000
In collaboration with our architectural team, we considered a plan to convert up to 23.8 acres of experiential retail to residential use, which can be seen on the following page. Should this approach be pursued, our purchase price would increase to approximately $130,000,000
As we stated in our opening letter, we are flexible and look forward to working with the city on their vision and needs for the community. If the terms outlined above are acceptable as a foundation for moving forward, we would welcome the opportunity to begin formal negotiations. Thank you.
Sincerely,
John T Mehigan Senior Vice President, Investments - West
Village at Tustin Legacy
Tustin, CA • 112,084 SF
The Village at Tustin Legacy, developed in partnership with the City of Tustin, is a thoughtfully planned destination that seamlessly integrates retail, dining, and essential community services. With openair patios, pedestrian-friendly pathways, and abundant natural light, it offers an inviting and connected experience. Complementing the vibrant shopping environment, a regional medical hub was introduced to serve the community’s healthcare needs. Together, these elements create a dynamic and highly utilized destination at the heart of the Tustin Legacy master-planned community.
TUSTIN
Video
Bloom on Third
Los Angeles, CA • 154,408 SF
A new shopping destination is taking shape at 3rd and Fairfax, across from The Grove. Anchored by a Whole Foods on the mezzanine, the mixed-use development offers vibrant ground-floor retail and placemaking features that foster walkability and street life. Above, The Daphne’s luxury apartments and rooftop sky deck complete the vision, uniting living, dining, and shopping in one premier address.
Bloom Video
BloomOnThird.com
Village at La Floresta
Brea, CA • 86,969 SF
Village at La Floresta anchors the masterplanned La Floresta community in Brea, CA. Developed by Regency’s in-house team with support from architects, designers, and contractors, it seamlessly integrates retail into the broader neighborhood.
VillageAtLaFloresta.com
Video
The Local Team
Mehigan Senior Vice President, Investments - West BIO
Sanchez Vice President, Market Officer BIO
Vaughan Vice President, Market Officer BIO
REGENCY AT A GLANCE
A collection of nearly 500 properties in nearly every major market across the nation.
$518M In Projects Currently Under Construction
246 Projects Developed Since 2000
REGENCY’S STRONG BALANCE SHEET
$4B+ Shopping Centers Developed Since 2000
Regency Centers is an all-cash buyer and builder. There will be zero requirements to bring in additional equity partners or source a construction loan. There will be no financing contingencies. Our fortress balance sheet is one of our key strengths, and has enabled us to build over $4 billion of new, ground-up projects since 2000
$14B+ Market Cap Publicly Traded REIT
~$1.5B Line of Credit
$175M Free Cash Flow
Our financial strengths enable a flexibility not found elsewhere. We are not property flippers, and take the long-term stewardship of our properties seriously. This ethos provides a value-add to the project and its partners for ease of mind throughout the entire process.
John
Chris
Nicholas Blanco Senior Project Manager
Laura Borenstein-Hofman Senior Regional Property Manager
Taylor
Sophia Shaheen Manager, Investments
Parker Rosen Leasing Agent
VILLAGE AT TUSTIN LEGACY GROUNDBREAKING
Vertically-Integrated Development Team
Regency’s in-house development team includes entitlement experts, construction management professionals, leasing, legal, and financial services. John Mehigan and Chris Sanchez will be your primary points of contact throughout the project, with Nicholas Blanco managing the project through construction. The Regency team will use project management tools and stay in constant contact with the sellers throughout the project to ensure transparency, efficiency, and speed.
Upon stabilization, Regency plans to hold the project indefinitely. Taylor Vaughan, our Vice President and Market Officer in Southern California, will be your ongoing contact.
For this RFP response, we have engaged with AO Architects, a firm who has designed several projects for us in California.
Land Transfer Experience + Legal Matters
Regency has a proven track record of partnering with public agencies to deliver community-focused developments. Our collaboration with the City of Tustin exemplifies this, resulting in The Village at Tustin Legacy, a thriving local asset.
Juanita Tate Marketplace | City of Los Angeles
Regency Centers transformed a former brownfield site in South Los Angeles into the Juanita Tate Marketplace, a thriving retail destination that revitalized the neighborhood and expanded community access to essential goods and services.
Legal Matters
Village at Tustin Legacy | City of Tustin
Regency Centers partnered with the City of Tustin to deliver a grocery-anchored destination that serves as a cornerstone for the growing Tustin Legacy community by meeting daily needs and strengthening the local economy. The addition of Hoag Medical Center further established the site as a premier regional healthcare hub. Together, these elements create a dynamic and highly utilized destination within the Tustin Legacy masterplanned community
Culver Public Market | City of Culver City
We partnered with the City of Culver City to deliver a dynamic food and beverage destination that brings new energy and community gathering space to a vibrant, densely populated urban neighborhood
Regency Centers has had no legal actions with local, state, or federal agencies in the past 10 years, reflecting our commitment to integrity, regulatory compliance, and strong, trust-based relationships with public partners.
Architectural + Design Experience
Rob Budetti Architect, CDP Managing Partner
With nearly three decades in the industry, Rob thrives on the creativity within the chaos of managing complex projects across the U.S. and abroad. He oversees diverse design sectors while also leading AO’s teams of architects and consultants to consistently exceed client expectations.
Samuel Saludo AAIA Partner, Retail Studio
With over 30 years of international design and management experience, Mr. Saludo has led master planning and design for world-class retail, residential, resort, mixed-use, and commercial destinations. A trusted leader and mentor, he brings client visions to life with innovative solutions while guiding the next generation of AO talent.
Regency Centers creates thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. John Mehigan Senior
