ESCONDIDO — The North County Transit District Board of Directors unanimously approved a massive redevelopment project during its Thursday meeting.
The board is now focusing on the Escondido Transit Center in downtown as NCTD entered into an exclusive negotiating agreement with Toll Brothers and Waterford Properties. According to the staff report, the proposal includes 528 residential units, with nearly 16% marked as affordable, commercial space and a 99-year lease on 12.69 acres.
According to the agreement, NCTD, Toll Brothers and Waterford have 120 days, and two 60-day extension periods, to establish a development agreement and ground lease. Those negotiations include preliminary site and financial plans, cost estimates, marketing and outreach, NCTD Director of Planning and Development Lillian Doherty said.
Representatives for Toll Brothers and Waterford said it was too early to discuss the proposal. The proposal is fluid and certain elements may change through negotiations, Doherty said.
