More Apartments Eyed in Platinum TriangleREAL ESTATE: Shopoff Group in deals for 13 acres, reworks plans Sunday, December 9, 2012
Development plans for a pair of adjoining parcels in Anaheim’s Platinum Triangle are being reworked to hold more apartments at the expense of office and hotel projects once envisioned for the properties.
An affiliate of real estate investor and developer Shopoff Group filed the new plans last week with Anaheim’s planning department for a nearly 13-acre stretch of land running between 905 and 1105 Katella Ave., situated a few blocks from the Santa Ana (I-5) Freeway.
A fund run by Shopoff Group is expected to close on a buy of one of the parcels before year-end. The fund will likely close on the purchase of the second site early next year, according to William Shopoff, chief executive of the Irvine-based company.
Shopoff Group’s latest plans call for up to 749 apartments to be built on the land, with construction starting next year on the larger of the two parcels it is in the process of buying.
Terms of the two sales haven’t been disclosed. Shopoff said last week that his company is planning to bring in another investor as a partner for the two development sites, which real estate sources said are likely to be worth $40 million or more on a combined basis, assuming the city approves the new development plans.
Buildings on the parcels include a 175,000-square-foot industrial property and Mr. Stox restaurant, a fixture for more than 30 years. Both sites would be eventually razed if the latest plans are approved by the city.
Most of the construction in the Platinum Triangle—an 820-acre commercial area surrounding Angel Stadium—has focused on apartments during the past several years.
The latest apartment proposals represent a big change from prior plans for the adjoining parcels.
A mixed-use project called Platinum Gateway had been proposed at Katella Avenue and South Lewis Street, featuring 320 condominiums, a 12-story office and a 138-room hotel on a lot that now holds a large, multitenant industrial building.
Shopoff Advisors’ proposal would boost the maximum amount of housing at the same location to 399 units and eliminate commercial elements.
Office and hotel development “isn’t viable right now,” Shopoff said.
At the second site—which holds Mr. Stox—a project known as Platinum Vista initially called for development of 327 homes and 9,500 square feet of restaurant space, including a new home for Mr. Stox. The new proposal would increase the allowed homes from 327 to 350 and eliminate the commercial portion of plans.
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