More Apartments Eyed in Platinum TriangleREAL ESTATE: Shopoff Group in deals for 13 acres, reworks plans Sunday, December 9, 2012
Both parcels would be built to standards for for-sale condos but are envisioned as for-rent apartments initially, according to Shopoff.
“There will be a market for for-sale again (in the Platinum Triangle), but not right now,” he said.
The midrise buildings would look similar in nature to other recently built apartment complexes in the Platinum Triangle, which has seen more than 2,000 rental units built during the past five years.
Work on the Platinum Gateway site could begin next year, with Platinum Vista starting construction about 18 months or so after that, according to Shopoff.
The Anaheim plans add to a growing development pipeline for Shopoff Group. The company also is involved in Uptown Newport, a proposed 1,244-unit residential project along Jamboree Road in Newport Beach.
Plans for the mixed-use Uptown Newport project have received some criticism from fellow real estate companies that own offices near the proposed 25-acre construction site, which could include several residential towers.
Shopoff said he’s confident a plan can be worked out to appease most of those complaints.
“We want to end up with a property that they’ll be happy with,” he said.
Shopoff Advisors’ plans for the two Anaheim sites add to a growing list of apartment-development-related news taking place in the Platinum Triangle.
The Business Journal reported last month that Newport Beach-based Irvine Company bought a 6.2-acre site next to its existing Gateway apartment complex in the Platinum Triangle, with plans to build another 395 units in a second project. Irvine Co. is said to have paid nearly $18 million for the land, which now holds an industrial building.
San Francisco-based apartment owner BRE Properties Inc. recently said it plans to put almost 7.5 acres of land it owns along Katella Avenue up for sale rather than develop the site, situated next to its Park Viridian complex, which opened in 2009. The undeveloped land could hold another 400 apartments and is valued at about $23.1 million by BRE.
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