Los Alamitos Race Course Cypress is the focus of one of the biggest planned land use changes in north Orange County in decades: the city has approved a long-term plan to build 1,791 homes and 440,000 square feet of commercial space on and around the 134-acre race course property at Katella Avenue. But to answer the question buyers ask first: the track is still open in 2026, running its normal Friday through Sunday racing schedule. Development is currently happening on peripheral parcels around the property, not on the race course itself.
By Austin Criss, REALTOR® | RE/MAX TIFFANY | July 6th, 2026
Questions about buying in the race course area? Call or text me at 714.600.1176.
I get asked about this project more than almost any other local development story. Buyers considering homes near Walker Street, Cerritos Avenue, or the Katella corridor want to know what they are buying into. Here is what the project actually is, what is already built, and what the full vision means for the neighborhood over time.
What Is the Cypress Town Center and Commons Specific Plan?
The Cypress Town Center and Commons Specific Plan is the city’s formal land use blueprint for the Los Alamitos Race Course property and adjacent parcels. The concept has been evolving since 2016, when Cypress voters narrowly rejected an earlier proposal.
In June 2018, voters passed Measure A, which authorized a mixed-use development framework for the 150-plus-acre area. That original plan (Specific Plan 2.0) permitted up to 1,200 to 1,250 residential units alongside a town center, retail, dining, entertainment, office space, and two new parks.
In November 2024, voters approved Measure S, which updated the framework to Specific Plan 3.0. That revision raised the residential cap to 1,791 homes and increased the maximum density allowed in certain zones. In March 2026, the City of Cypress filed a Draft Environmental Impact Report (DEIR) for the full Specific Plan 3.0 buildout. The public comment period on that DEIR closed in April 2026. The EIR must be certified and project approvals finalized before the remaining phases can move forward.
Is the Race Track Being Torn Down?
No, not right now, and no closing date has been announced. As of June 2026, the Los Alamitos Race Course is operating on a normal racing schedule, with races on Friday, Saturday, and Sunday evenings.
Owner Ed Allred, who has owned the property for decades, has been consistent that the redevelopment plan is a long-term land use framework and an estate planning mechanism, not an immediate closure notice. When Measure A passed in 2018, Allred wrote to employees and the public: “The passage of Measure A will not impact the operations of the Los Alamitos Race Track. Horse racing will continue at the track for many years to come.” He estimated at that time that the track might remain open for roughly 10 more years, which would put the outer edge of that estimate around 2028. That timeline has not been formally updated or confirmed.
The race track footprint is part of the full Specific Plan 3.0 buildout area. When racing eventually ends, the remaining residential and commercial phases can be built on the course itself. Until then, development is confined to surrounding parcels that do not require the track to close.
What Is Being Built on the Site Right Now?
Three projects have been completed or are underway on peripheral land that was not part of active racing operations.
Melia Homes Belmont (135 townhomes): Melia Homes, an Irvine-based infill builder, purchased a 7-acre former overflow parking lot at the north end of the race course property for $30.3 million in July 2021. The site is adjacent to the track but was not used for racing. Melia built 135 for-sale townhomes ranging from 1,556 to 1,989 square feet, with two to four bedrooms. The project, branded as Belmont, launched sales in early 2022 and is complete.
Lexington Park: Owner Ed Allred donated a 9-acre parcel to the city for a new public park. Lexington Park now features sports fields, a playground, and community amenities. This is the greenspace that the specific plan long designated as a community benefit of the redevelopment.
Shea Properties Katella Frontage: Aliso Viejo-based Shea Properties developed a 13-acre parcel on Katella Avenue fronting the track, adding retail, dining, and entertainment uses to the corridor directly in front of the race course entrance.
These three represent the first phase of buildout and use land that was idle or available without touching the race track itself. The remaining 1,600-plus residential units and the bulk of the commercial square footage depend on the eventual transition of the track land.
What This Means for Cypress Home Buyers
If you are buying a home in Cypress, particularly anywhere near the Katella, Walker, Cerritos, or Lexington corridor, you are buying into a neighborhood in the early stages of a multi-decade transformation. Here is how I frame it for buyers.
Near-term positives are already here. The Katella corridor has new retail, dining, and a public park that did not exist five years ago. Lexington Park is a genuine neighborhood amenity. The Shea project adds options that buyers in that part of Cypress did not previously have. These are real quality-of-life improvements that are already priced into the market to some degree.
Long-term supply will increase, eventually. Over the coming decade or more, 1,791 new homes represent meaningful new supply in a city where construction has historically been almost nonexistent. Cypress’s existing housing stock is mostly from the 1960s through the 1990s. When the full buildout arrives, it will shift the local supply picture. More inventory generally moderates price growth compared to markets where no new housing is coming. That said, the effect will be gradual and spread over many years, not a sudden addition.
The full buildout is not imminent. The DEIR was filed in March 2026, and the EIR certification and remaining entitlement process typically take additional years. The race track shows no signs of closing on a near-term timeline. Buyers should not expect the bulk of those 1,791 homes to appear in the next two to three years. This is a project that will unfold over the next decade at minimum.
The framing I give buyers: you are purchasing Cypress as it exists today with full knowledge that the neighborhood around the race course site will look significantly different by the mid-2030s. For most buyers, that is not a reason to avoid the area. The fundamentals of Cypress, including its school system, its location between Los Angeles and central Orange County, and its freeway access, are not changing. What is changing is one very large underutilized site transitioning to productive use over a long horizon.
For context on what it costs to buy in Cypress right now, the income required to buy in Cypress in 2026 breaks down qualifying thresholds by loan type and down payment at the current Cypress median. And if you want to compare the race course area to adjacent Buena Park, where the median is slightly lower, the Buena Park income breakdown covers those numbers directly.
Frequently Asked Questions
Is the Los Alamitos Race Course closing?
As of June 2026, the Los Alamitos Race Course is open and operating on its normal Friday through Sunday racing schedule. No official closing date has been announced. Owner Ed Allred indicated around 2018 that he expected the track to remain open for roughly 10 more years, but that was not a formal commitment. The Cypress Town Center and Commons Specific Plan 3.0 establishes what can eventually be built on the property when racing ends, but it does not require or trigger a closure. The remaining large-scale residential development depends on the track eventually closing, which makes the timeline difficult to predict.
How many homes are planned at the Los Alamitos Race Course in Cypress?
Cypress voters approved up to 1,791 residential units under Specific Plan 3.0 (Measure S, November 2024), along with approximately 440,000 square feet of commercial space. A Draft Environmental Impact Report for the full buildout was filed with the state in March 2026 and is working through the review process. Of the 1,791 units, 135 have already been built by Melia Homes on the former overflow parking lot parcel. The remaining units require the race track land to become available and for subsequent entitlements to be approved.
What is being built at the Los Alamitos Race Course site right now?
Three projects have been completed or are underway on non-track portions of the property: Melia Homes Belmont (135 for-sale townhomes on the former 7-acre parking lot), Lexington Park (a 9-acre public park on donated land), and a Shea Properties retail and dining center on the 13-acre Katella Avenue frontage. All three are on land that was not part of active racing operations. The race track itself continues to operate normally.
What does the Los Alamitos Race Course redevelopment mean for Cypress home prices?
In the near term, the new park and retail amenities are generally positive for properties in and around that corridor. Long term, 1,791 new homes will add meaningful supply to a market that has historically had almost no new construction, which could moderate price appreciation relative to markets with no pipeline. The effect is slow and spread across many years, however, and will depend heavily on when each phase gets built. For any specific address, proximity to the development footprint matters more than the aggregate unit count.
If you want to know how a specific property in or near the race course area is positioned, I can pull comps and walk you through how the neighborhood is trending and what to watch over the next few years. Call or text me at 714.600.1176. Always Ask Austin.
About Austin Criss
Austin Criss is a REALTOR® with RE/MAX TIFFANY serving Cypress, Buena Park, and throughout Orange County, California. He works with first-time buyers getting into their first home and move-up sellers navigating how to sell their current home and buy the next one at the same time. Call or text at 714.600.1176, or visit austincriss.com.