MALIBU—The city of Malibu completed escrow to finish the purchase of 35 acres of open space land at Trancas Canyon Road and Pacific Coast Highway.
According to a News Flash from the city of Malibu website, the Malibu City Council approved the purchase of the property during its regular meeting on August 8 for $11.3 million. The purchase will be financed through the sale of certificates of participation (COPs) issued by the city of Malibu. The property was acquired by the city in October 2016.
The property, which is commonly known as Trancas Field is part of the settlement of the most recent string of lawsuits over the development of the property. Issues with the property are a result 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,” said Malibu Mayor Lou La Monte.
The city of Malibu has been gathering input from the community since approval of the purchase of land to determine how the site would be best used for 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 only be open to residents until Monday, December 12 on the City’s project webpage at www.MalibuCity.org/TrancasField. For additional information contact (310) 456-2489 ext. 350 or email KRiesgo@malibucity.org.