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LAND SALE AGREEMENT ANNOUNCED

    NEWPORT BEACH, Calif., Aug. 13 /PRNewswire/ -- Ford Motor Land Development Corp. today announced agreement on an option to purchase The Irvine Company's fee interest in the 98-acre former Ford Aerospace Corp. site in Newport Beach.
    Ford Land is currently seeking a general plan amendment from the city of Newport Beach which would allow it to eventually build a high- quality residential development on the site.  Ford will exercise the purchase option when it receives entitlement.  Terms were not disclosed.
    The site is currently subleased by Ford Motor Co. to Loral Aerospace Corp.  The Loral sublease runs to 1998, however Loral could give notice of its intent to vacate at an earlier de?.
   The site is virtually surrounded by Belcourt, a 102-acre residential development, considered to be among the most prestigious in Orange County.
    Bill McNair, Ford Land vice president, western region, indicated today that the company is committed to a residential product of quality and design characterized by Belcourt, and that it will represent a significant addition to the quality residential assets of Newport Beach.
    Ford Land has retained RGC (Recreations Group of Companies) as its development consultant, and former city manager Bob Wynn as an advisor during the entitlement process.
    Wayne S. Doran, chairman of Ford Land, stated, "Ford employees have been active, involved citizens of Newport Beach for more than 30 years. As we more toward this exciting residential development, Ford Land plans to maintain a positive and participatory relationship with the community."
    -0-             08/13/93
    CONTACT:  Tom Wilck of Thomas Wilck Associates, 714-553-0333, for Ford Land; or Larry Thomas of The Irvine Co, 714-720-3232; or Bob Bierman of Ford Motor Co., 714-939-3698 CO:  FORD MOTOR LAND DEVELOPMENT CORP.; THE IRVINE CO. IN:  CST ST:  CA


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Publication:PR Newswire
Date:Aug 13, 1993
Words:294
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