Rezul News/10364350

CYPRESS, Calif. - March 20, 2018 - Rezul -- The Cypress City Council will hold a special election June 5 on a rezoning ballot measure to convert 150 acres of the Los Alamitos Race Course into a master-planned community of senior and single-family housing, retail stores, restaurants, a town center, and parks.

The Orange County Registrar of Voters notified the city of Cypress that it received the necessary number of signatures to include the measure on the June ballot. Under the city's Measure D, any zoning changes to public and semi-public areas, including the racetrack, require voter approval.

Los Alamitos Race Course

The Los Alamitos Race Course is a horse racing track located on the corner of Moody St and Cerritos Ave in the city of Cypress, California. This horse race track is unique in that it has four quarter horse stakes races with purses over $1 million. Although located in the city of Cypress, the Los Alamitos Race Course has a Los Alamitos postal address (zip code 90720).

Los Alamitos Race Course History

Frank Vessels Sr arrived from Kentucky and generated a fortune in the construction industry. He purchased a 435-acre ranch in Orange County, California. Racing started on the Vessels Ranch in 1947.

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Following the first meet in 1951, Frank Vessels lobbied the California Horse Racing Board for a total of 16 days of racing, which he was granted. The 1952 season saw financial success as business doubled.

In the 1980s the Los Alamitos Race Course passed from one family owner to another. Finally, in 1990, Dr Ed Allred acquired 50% ownership of the track.

A 2008 horse race was the richest non-Breeder's Cup race ever contested in California with a purse of $2,038,250. It is also the only quarter horse race in the country with a guaranteed $2 million purse. Los Alamitos Race Course also offers the richest three-year-old quarter horse race in the country, the Los Alamitos Super Derby.

Future of Los Alamitos Race Course

Owner Dr. Ed Allred, who is in his 80s, does not expect anyone to take over for him to keep the operation alive. He said the racetrack will probably stay open for another 8 to 10 years.

Dr. Allred and his backers introduced a similar ballot measure to rezone the property in 2016, but it lost by 2%. The new proposed ballot measure capped the height of commercial buildings and added more green space.

Principal David R. Collins

Licensed Certified General Appraiser (G.A.A., S.C.R.E.A.)

http://www.dcnassoc.com/