Need to Know Real Estate News …
Irvine Co.
the Irvine Co. plans to develop Spectrum Terrace – nine four-story buildings totaling more than 1 million square feet of office space plus 30,000 square feet of amenities. Three entrances to the office complex will be provided off Laguna Canyon Road
Spectrum Terrace in the Works
The strong demand for office space in the Irvine Spectrum – the Irvine Co.’s office, entertainment, hotel and apartment complex at the confluence of the 405 and 5 freeways in Irvine – will be accommodated by a planned complex of nine office buildings adjacent to the Spectrum on the west side of the 405 near Laguna Canyon Road. The site will be familiar to those who noticed the huge tent for the “Odysseo” equestrian show.
On that site, the Irvine Co. plans to develop Spectrum Terrace – nine four-story buildings totaling more than 1 million square feet of office space plus 30,000 square feet of amenities. Three entrances to the office complex will be provided off Laguna Canyon Road. Nearby residents in the Irvine villages of Quail Hill and Hidden Canyon were startled by the unannounced grading of the 106-acre site, but city approval was received during its land-use plan adopted in 2000.
Spectrum Terrace will be constructed in phases, the first phase to include three buildings. Plans go to the Irvine Planning Commission this year with start of construction possible later this year.
Green (Half) Acres
Homes on half-acre lots are difficult to find in Orange County, but Toll Bros., the Pennsylvania luxury homebuilder, will offer houses on nearly a half-acre in its coming Stonecliff Estates in Yorba Linda.
Toll is acquiring a 30-acre site on Lakeview Avenue at Bastanchury Road and intends to develop a community of 47 homes. Prices have not been announced but, as a base, sources report the price for the 30 acres equates to $940,000 per lot.
Goodbye, Mariner Square Apartments
With approximately 40,000 apartment units on the Irvine Ranch, nearly all developed by the Irvine Co., the developer no longer needs the very first apartment project it developed, in 1968. Mariner Square Apartment Homes, the 114-unit garden apartment complex near Westcliff Plaza shopping center, has been sold for re-development to Melia Homes, Irvine.
Melia Homes plans to tear it down and use the 5-acre site for condominiums. The three-story residences will be designed with “farmhouse, beach cottage and beach bungalow architecture.” Amenities will include a swimming pool and what the developer calls a “great lawn.” Construction will likely begin in 2019.
Old St. John Knits Building becomes office buildings
LBA Realty of Irvine has scaled back its proposed mixed-use project on the former site of St. John Knits at Jamboree Road and Michelson Drive in Irvine. LBA acquired the 9.4-acre site three years ago with the intent of creating a mixed-use campus to include two five-story office buildings, a hotel and retail. (LBA is the force behind Park Place, the office, restaurant, retail, hotel, fitness and residential complex kitty-corner from the former St. John Knits site.)
Now the contemplated project is entirely different. Considering recent demand for creative office space, LBA intends to convert the existing industrial building on the site into creative indoor/outdoor open office space. Included would be 10,000 square feet of outdoor amenities where office workers can gather, work and eat.
The Moshayedi Mile?
Now we have some idea of what the Moshayedi family plans to do with all the property it has acquired on both sides of West Coast Highway along Newport Beach’s Mariner’s Mile. Mariner’s Mile extends from Dover Drive to the bridge that carries Newport Boulevard over PCH. The family, including Manouch and Mark Moshayedi, spent more than $130 million since 2009 buying parcels of Mariner’s Mile land, which Manouch rightly calls “one-of-a-kind properties.”
Early plans call for two of the family’s entities, Mx3 Ventures and MSM Global Ventures, to create what would be called Newport Village, a multi-block, 600,000-square-foot, mixed-use complex of shops, restaurants, offices and apartments on both sides of West Coast Highway. Featured would be a public boardwalk along Newport Harbor and 77 new boat slips. Subterranean parking would be provided for 694 vehicles in the always-parking-hungry Mariner’s Mile.
Loads of approvals would be required from the city of Newport Beach and the California Coastal Commission before any construction could begin.
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