Unisys Property Goes on the Market
Mission Viejo business watch

The Unisys property near Jeronimo and Los Alisos is for sale. Residents should watch closely, as the property could be rezoned from commercial to high-density residential. The current city council rezoned two parcels along Los Alisos, approving high-density housing projects despite strong objections from their constituents. Residents at a council meeting presented a petition signed by approximately 3,000 people opposing the project. All five council members took campaign donations from Steadfast, and the council voted 5-0 to approve the zone change and housing project.

The commercial division of Steadfast Properties owned the 27-acre Unisys location until the end of 2004. John Saunders Property is the current owner.

The Unisys location should not be confused with the adjacent parcel to the north, which was owned by Steadfast’s affordable apartment division until Target bought the property last year. Target’s proposed project, now in litigation, includes high-density residential with an affordable housing component, along with a Target store. While some residents may have become complacent with Steadfast out of the Unisys picture, the threat remains for flipping the Unisys site to high-density residential.

Following is information compiled by a resident regarding the Unisys site:
”The listing shows about 17 of the acres for potential residential development, although it is zoned commercial. Steadfast sold the property for about $42 million, but the listing estimates the value, with a change to residential rezoning, at between $59 million and $75 million. The commercial portion is shown with an estimated value of $1.4 million to $1.6 million per acre, but the potential rezoned property for residential use is estimated at between $2.8 and $3.4 million per acre. The value is predicated on Unisys vacating, but perhaps a rezoning would create enough potential profit to buy Unisys out of its lease.

”This illustrates the enormous profit potential to developers just for achieving a zoning change, regardless of whether they ever building anything on it. They can ‘flip' the raw land for a huge sum. Zoning that permits higher density (more residential units per acre) of course creates even higher value to the property owner and developer.”