What does the Los Alamitos Race Track approval mean for Cypress?
Cypress approved a 15-year development agreement for the Los Alamitos Race Track land on August 25, 2026, and made it final on September 8. It allows up to 1,791 more homes, 440,000 square feet of shops and restaurants, and about 11 more acres of park. The track has to close first, and no closing date exists yet.
In this video I walk through what the council approved, what is already built on the race track land, when the track may close, and what 1,791 new homes could mean for your house in Cypress.
By Austin Criss, REALTOR® | RE/MAX TIFFANY | September 28th, 2026
I’ve been driving past that track probably my whole life. When I try to picture 1,800 homes sitting out there, it’s a completely different city than the one I grew up in. And for something this big, hardly anyone is talking about it.
What did Cypress actually approve at the Los Alamitos Race Track?
The Cypress City Council approved a development agreement and the environmental impact report on August 25, 2026, by a 3 to 1 vote with one recusal. The Event News Enterprise reported that Mayor Pro Tem Kyle Chang, David Burke, and Bonnie Peat voted yes, Rachel Strong Carnahan voted no, and Mayor Leo Medrano recused himself on legal advice.
It came back on September 8 for the second reading of Ordinance No. 1235, the step that actually puts it on the books, and it passed again. So this is done. It’s not a proposal and it’s not a concept. There is a signed agreement between the City of Cypress and the owner of the track, and it runs 15 years.
Real quick so nobody’s confused. The track has a Los Alamitos address at 4961 Katella Avenue, but the land is in Cypress. That’s why the Cypress council is the one voting on it. Cypress sits in North Orange County right on the Los Angeles County line, with Los Alamitos across Katella to the south.
| What | Number | Source |
|---|---|---|
| Homes still allowed on the race track land | 1,791 | Specific Plan 3.0 Buildout EIR |
| Total homes allowed in the plan | 1,926 | Specific Plan 3.0 Buildout EIR |
| Homes already built at Belmont | 135 | City of Cypress |
| Shops and restaurants | 440,000 square feet | Specific Plan 3.0 Buildout EIR |
| Park space in the plan | 20 acres (9 built at Lexington Park, about 11 to come) | Specific Plan 3.0 Buildout EIR |
| Development agreement term | 15 years | City of Cypress hearing record |
| Council vote | 3 yes, 1 no, 1 recusal, August 25, 2026 | Event News Enterprise |
| Second reading | Ordinance No. 1235, September 8, 2026 | Cypress City Council agenda |
| Racing dates on the books | Through December 22, 2026 | California Horse Racing Board |
What is already built on the race track land?
Two pieces are already done, and you might have driven past both of them without realizing it.
- Lexington Park at Lexington and Cerritos. Nine acres. The race course donated the land to the city, and the park opened in 2022.
- Belmont on Walker. Melia Homes bought seven acres of the old overflow parking in 2021 and built 135 homes on it. The City of Cypress project page lists them as 56 two-story condominiums and 79 three-story row townhomes. The last one sold in 2024.
I covered the earlier history of this land, including the Shea Properties frontage on Katella, in my first post on the Los Alamitos Race Course in Cypress.
Why is the number 1,791 homes?
Because 1,791 is what’s left, not what’s getting added on top. The Specific Plan 3.0 Buildout EIR says the plan allows a maximum of 1,926 homes, and that total includes the land Belmont sits on. Belmont used 135 of them. 1,926 minus 135 is 1,791.
Can the Los Alamitos Race Track development still be stopped?
Short answer, no. And the reason is you and me. Cypress requires zoning changes on this land to go to the voters, and this land has already been on your ballot three times.
- November 2016: Measure GG failed.
- June 2018: Measure A passed and created the Cypress Town Center and Commons Specific Plan 2.0, which allowed 1,250 homes.
- November 2024: Measure S passed 59% to 41% and added 676 homes, bringing the plan to 1,926.
On top of that, the state requires Cypress to plan for 3,936 new homes in its 2021 to 2029 Housing Element. That’s not a city decision. That is state law, and the city’s Housing Element page shows the race track land carrying a big share of that number. So the big question got answered at the ballot box. Last month was the paperwork underneath it.
Does the race track have to close before anything gets built?
Yes. The city’s community development director said it straight at the hearing. The racetrack has to close and stop operating before any development can begin, and the grandstand gets cleared after that. So the order is closing, then construction. Not the other way around.
It’s still a working racetrack today. The California Horse Racing Board 2026 schedule allocates Quarter Horse dates at Los Alamitos through December 22, 2026, with a Thoroughbred block from December 2 to December 15. There are hundreds of horses stabled on that property right now.
That track has been there longer than the city. Racing started in 1947 as match races on Frank Vessels’ 435-acre ranch, the first official meet ran in 1951, and Cypress became a city in 1956. When the track went up for sale in 1990, Dr. Ed Allred bought in. He’s the owner today and the one who signed this deal with the city.
When will the Los Alamitos Race Track actually close?
Nobody has published a date. The agreement runs 15 years with no phasing plan, and the city’s planning director has said the building itself could take about a decade once it starts. One of the groups that fought the project thinks it could start within two to three years.
My honest read is that the paperwork moves years ahead of the bulldozers. If you’ve ever worked with a city, you know how this goes. You draw the map, you sign the deal, and the work starts when the owner decides it starts. What changed last month is the map is drawn and the deal is signed. Whether the last race is 2028 or 2033, the decisions are already made for the next 50 years.
Will 1,791 new homes hurt Cypress home values?
In my experience, no, and one number is why. Roughly 80% of the homes that sold in Cypress over the last two years were built in the 1960s and 1970s. Four out of five sales, and the house is already about 60 years old. That’s what trades in this city, and almost none of it is new.
Everything on the race track land will be brand new, and you don’t have to imagine what it looks like because Belmont is already sitting there. Attached homes, sold out. That’s the product. So here are the three things I’d pay attention to if you own here.
- Product. In my experience, a brand new townhome and a 60-year-old house aren’t going after the same buyer. They’re going after the same city, and that’s a different thing. What this adds is a cheaper way into Cypress, and that tends to pull people into a city instead of pushing them out.
- Pace. Cypress has about 49,000 residents (U.S. Census Bureau). 1,791 homes spread over 15 years is about 120 a year, and that’s only if it runs the whole term. This city already knows how to absorb attached housing. Tanglewood went up in the late 1960s. Belmont is sold out. Citrus Square at Moody and Orange, and the new Olson townhomes on Lincoln. In my experience, none of that moved the resale market. It brought more people in at a lower price point.
- Amenity. This is the one I think matters most. The 11 more acres of park are nice, but the real piece is 440,000 square feet of shops and restaurants. Right now we drive to Seal Beach or Long Beach to spend our money. Somewhere to actually walk on a Friday night is something Cypress has never had, so I’m really hoping they come through on that.
Think macro, not micro. The question isn’t what your house does next quarter. It’s whether Cypress 10 years from now is a place more people want to live than Cypress today. If you’re wondering what your own house is worth right now, how long homes take to sell in Cypress is a good place to start.
What are the downsides of the race track development?
Traffic, and people are right to bring it up. Katella is the pressure point, and Moody, which is turning into a through street.
At the hearing, an environmental law firm argued the study came up short on traffic and on toxic exposure. Affordability came up over and over, including from people who weren’t against the project. Those concerns are real.
If you own off Katella, Walker, or Moody, the traffic study inside that map is worth a few minutes of your time. It’s public on the City of Cypress public hearing notices page. It’s the difference between your street staying quiet and your street turning into a shortcut. Either way, there is going to be a lot more traffic.
Should you wait to buy in Cypress until the race track homes are built?
No. This doesn’t change anything about what you do this month. It changes what your street looks like in 10 years.
If you’ve been priced out of a house in Cypress, this is the first real shot at new construction at a lower number here in a long time. Belmont proved that sells. Tierra Walk on Lincoln proved that sells. But I wouldn’t try to time it. Nobody knows the phasing yet, including me. Location, condition, and price still decide whether a house is the one. If you’re getting ready now, here’s how much down payment you need to buy in Cypress. And for the bigger picture on the city, start with my Cypress real estate guide.
Frequently Asked Questions
Is the Los Alamitos Race Track closing?
Not yet. The track is still running, with California Horse Racing Board dates through December 22, 2026. At the hearing, the Cypress community development director said the track has to close before any development can begin. No closing date has been published, and the development agreement runs 15 years with no phasing plan.
How many homes are being built at the Los Alamitos Race Track in Cypress?
Up to 1,791 more homes. The Cypress Town Center and Commons Specific Plan 3.0 allows 1,926 homes in total, and Belmont already used 135 of them. The plan also allows 440,000 square feet of shops and restaurants and about 11 more acres of park on top of the 9-acre Lexington Park.
Can Cypress residents still stop the race track development?
Not realistically. Cypress voters already decided the zoning. Measure GG failed in 2016, Measure A passed in 2018, and Measure S passed in November 2024 by 59% to 41%. The council approved the development agreement on August 25, 2026, and it passed its second reading on September 8.
Will the race track homes lower home values in Cypress?
In my experience, no. Roughly 80% of homes that sold in Cypress over the last two years were built in the 1960s and 1970s. New attached townhomes go after a different buyer and add a lower entry price into the city. Belmont, Citrus Square, and Tanglewood did not move the resale market.
When will construction start on the Los Alamitos Race Track land?
There is no start date. The track has to close first, and the owner decides when that happens within the 15-year agreement. The city’s planning director has said the buildout could take about a decade once it starts. One group that opposed the project thinks work could begin within two to three years.
Video transcript: Goodbye Los Alamitos Race Track. Hello 1,791 Homes
What got approved at the Los Alamitos Race Track (0:00)
The Los Alamitos racetrack got approved for close to 1,800 homes about a month ago, and nobody’s talking about it. I’ve been driving past that track probably my whole life, and when I try to picture 1,800 homes sitting out there, it’s just a completely different city than the one I grew up in.
So here’s what I’m covering today: what actually got approved, whether the track is closing, and what it does to your house if you own here. One thing before I start. There’s a number about Cypress that changed how I think about this whole thing, and it’s actually got nothing to do with the racetrack, which I’m going to share with you later.
Real quick so nobody’s confused, the track has a Los Alamitos address, but the land is actually in Cypress, so that’s why the city of Cypress is voting on it.
The vote, and what made it final (0:42)
So on August 25th, the Cypress City Council approved it three to one with one recusal. Then it came back September 8th for the second reading, which is the step that actually puts it on the books, and it passed again.
So this is done. It’s not a proposal. It’s not a concept. There is an actual signed agreement between the city and the owner of the track, and it runs 15 years.
What is in the plan (1:07)
Here’s what’s on it: close to 1,800 homes, 440,000 square feet of shops and restaurants, and about 20 acres of park.
The two pieces already built (1:19)
Now, here’s the part most people don’t actually know. This isn’t starting from zero. Two pieces of it are already built, and you might have driven past both of them without even realizing it.
First one is Lexington Park over at Lexington and Cerritos. That’s nine acres. The racecourse donated that land to the city, and the park opened in 2022.
Second one is Belmont off Vessel Circle on Walker. Melia Homes bought seven acres of the old overflow parking back in 2021 and put 135 homes on it. Sold the last one in 2024.
Why the number is 1,791 (1:48)
And those 135 homes weren’t extra. They came out of the same plan. The plan allows 1,900 homes total. Belmont used up 135 of them, and that’s why the number you keep hearing is 1,791. It’s what’s left, not what’s getting added on top.
Whether it can still be stopped (2:08)
The question I get after that is whether any of this can still be stopped. Short answer, no. The reason? You and me.
Cypress has a rule where any zoning change on this kind of land has to go to the voters. So this land has already been on your ballot before. It failed in 2016, passed in 2018. In 2024, they put even more homes on it.
On top of that, the state requires Cypress to plan for almost 4,000 new homes by 2029. That’s not a city decision. That is a state law. So the big question got answered at the ballot box twice. Last month was the paperwork underneath it.
Quick thing before I keep going. If you own in Cypress and all this has you wondering what your house is worth right now, I’ve got a seller guide that covers how I price a home here, what’s worth fixing before you list, and what it actually nets you. It’s free. Link’s in the description.
Whether the track closes first (3:07)
Now, the question I get asked all the time. The city’s community development director said it straight at the hearing. The racetrack has to close first. It has to shut down before anybody builds anything out there. So the order is closing, then construction, and it is not the other way around.
But it’s still a working racetrack now, not in a nostalgic way, in a literal way. The state has racing dates out there through December 22nd of this year, including a thoroughbred meet the first two weeks of December. There are hundreds of horses stabled on that property today.
The track’s history, 1947 to today (3:40)
And that track’s been there longer than the city has. Cypress became a city in 1956. The racing actually started in 1947 when a guy named Frank Vessels bought a 435-acre ranch out here and started running matches on it. First official meet was 1951.
The Vessels family ran that place for more than 40 years. It went up for sale in 1990, and that’s when Dr. Ed Allred bought in. He’s the owner today, and he’s the one who signed this deal with the city.
When it may actually close (4:07)
So when does it actually close? Nobody’s published a date, and honestly, the agreement runs 15 years. The city’s planning director has said the building itself could take about a decade once it starts. One of the groups that fought this thinks it could start within two to three years.
My honest read is that the paperwork moves years ahead of the bulldozers. If you’ve ever worked with the city, you would know. You draw the map, you sign the deal, and the work starts when the owner decides it starts.
What changed last month is the map is drawn, and the deal is signed. Whether the last race is 2028 or 2033, the decisions are already made for the next 50 years.
The 80 percent number (4:44)
Okay. Here’s the number I mentioned at the top. This should ease the concerns of the current homeowners. Roughly 80% of the homes that sold in Cypress the last two years were built in the ’60s and ’70s. 80%, four out of five sales, and the house is already 60 years old. That’s what trades in the city, and almost none of it is new.
Now, look at what’s going on at the racetrack, all of it brand new. And you don’t have to imagine what it looks like, because Belmont’s already sitting there. Attached homes, two to four bedrooms, right around 1,600 to 2,000 square feet. It’s sold out. That’s the product.
Product, pace, and amenity (5:29)
So three things I’d pay attention to if you do own here, and the third one is the one nobody talks about.
Number one is product. In my experience, a brand new townhome and a 60-year-old house aren’t going after the same buyer. They’re going after the same city, and that’s a different thing. What this does add is a cheaper way into Cypress. Historically, that pulls people into a city instead of pushing them out.
Number two is pace. Cypress has just under 49,000 people in it. 1,800 homes spread over 15 years is about 120 a year, and that’s if it runs the whole term, which nobody’s promising.
And this city already knows how to absorb attached housing. Tanglewood is attached, and that all went up in the late ’60s. Belmont’s attached, and it’s sold out. Citrus Square over at Moody and Orange. The Olson townhomes on Lincoln that are brand new. None of that moved the resale market. It just brought more people in at a lower price point.
Number three is amenity, and this is the one I think matters most. The parks are nice, about 11 more acres coming, but the real piece is the retail. 440,000 square feet of shops and restaurants in a city where right now we drive to Seal Beach or Long Beach to spend our money. Somewhere to actually walk on a Friday night is a thing Cypress has never had, so I’m really hoping they come through on that promise.
We gotta think macro and not micro on this. The question isn’t what your house does next quarter, it’s whether Cypress 10 years from now is a place more people want to live than Cypress today. Parks, restaurants, and a center you can actually walk to, that is nice.
Traffic and other concerns raised (7:00)
Now, I’m not gonna sit here and pretend there’s no downside, ’cause there’s always downside. Yin and yang.
Traffic. Traffic is the one people keep bringing up, and they’re right to bring it up. Katella’s the pressure point, and Moody, which is turning into a through street.
At the hearing, an environmental law firm argued the study came up short on traffic and on toxic exposure, and affordability came up over and over, including from people who weren’t even against the project. So those are real.
If you own off Katella, off Walker, or off Moody, the traffic plan inside that map is worth a few minutes of your time, and it’s public if you go to the Cypress website. That’s the difference between your street staying quiet and your street turning into a shortcut, but there is going to be a lot more traffic.
If you are buying in Cypress CA (7:33)
And if you’re looking to buy here instead of already owning, this doesn’t change anything about what you do this month. It changes what your street looks like in 10 years.
If you’ve been priced out of a house in Cypress, this is the first real shot at new construction at a lower number here in a long time. Belmont proved that sells. Tierra Walk on Lincoln proved that sells.
I wouldn’t try to time it, though. Nobody knows the phasing yet, including me. Location, condition, and price is still what decides whether a house is the one.
Question for the comments (8:05)
Here’s what I want to know from you. A brand-new three-bedroom townhome on that racetrack land, priced under the 60-year-old house here in Cypress. Are you buying it? Yes or no? And tell me why. I read all my comments, and I love to answer them.
And if you wanna see what the homes around here actually look like inside, go watch my Cypress, California, home tour right here. That’s the one in Brentwood. It’s actually a couple minutes from this racetrack. I hope you enjoyed this video, and my seller guide is the first link in the description.
If you own in Cypress or you’re thinking about buying here and want to talk through what this means for you, 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, Anaheim, and Orange County, California. Licensed in California since 2020 and working in real estate since 2017, he helps first-time buyers and move-up families from first question to closing. Call or text him at 714.600.1176, or visit austincriss.com.