A $4 billion project designed to create new entertainment venues, office space, and housing around the Honda Center in Anaheim, California—was approved by the Anaheim City Council Sept. 27.
The city council will hold a required second vote on the project Oct. 4, after which the approval will become official.
The project will be privately funded by Henry and Susan Samueli, owners of the Anaheim Ducks hockey team and managers of the Honda Center, without using the city’s revenue, according to the statement.
“We are working with the developer to issue bonds that would be paid by and entirely the responsibility of the OCVibe development team,” the statement read. “We could also work with the OCVibe team on federal and state grant applications for parks and roads that would benefit Anaheim.”
City officials expect to start seeing new yearly revenue about five years into operation and reach $10 million after 10 years when additional revenue from digital sign ads starts coming in, according to the statement.
The Samuelis celebrated the approval in a statement.
“We look forward to starting construction soon on this important community asset that will showcase Anaheim and Orange County, while also providing world-class entertainment and offerings for local residents, visitors, and our Anaheim Ducks fans,” the Samuelis said.
Organizers of the Olympic Games plan the event to be “car-free,” which will align with OCVibe’s plans for more walkable spaces with adequate transportation options, according to project director Brian Myers.
Planned to be a mixed-use, master-planned community, OCVibe features new entertainment venues, including a 5,700-seat concert hall and an amphitheater, 35 restaurants, two hotels, and 1,500 new residential units—including 195 affordable housing units.
“Our ambition is for [OCVibe] to be the social and entertainment center of Orange County and Southern California, providing a vibrant collection of experiences celebrating the diversity of our community,” said Bill Foltz, CEO of OCVibe.
The Honda Center, where the Ducks play hockey, is owned by the city. The team has a contract with the city to operate the center until 2043, with an option for additional five-year extensions until 2068, according to the city’s spokesman Mike Lyster.
It will be the biggest project in Anaheim since the expansion of the Anaheim Resort—the recreational, tourist district surrounding Disneyland—in the 1990s, according to the city.