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Add AMB Property to the Platinum Triangle Mix

Another developer has plans to remake a swath of Anaheim’s Platinum Triangle into homes and shops: San Francisco-based AMB Property Corp.

AMB, a real estate investment trust investing in industrial buildings, envisions 1,023 condominiums and apartments replacing a business park on Gene Autry Way west of State College Boulevard.

The developer also seeks to build 31,500 square feet of shops and offices. AMB filed plans for the project with the city last month.

Miami-based Lennar Corp., which has a regional headquarters in Aliso Viejo, is planning “A-Town”,a potential urban enclave of high-rise condos, townhomes and shops,directly across Gene Autry Way.

AMB declined to comment for this story, referring to a previously published statement that it plans to redevelop its property at a cost of $22.7 million.

The developer hasn’t said if it would put up homes or sell lots to builders. It’s working with planner Hogle-Ireland Inc. of Irvine.

Lennar once talked to AMB about taking the property off its hands, but the talks never resulted in a deal, sources said.

The tallest residential building under AMB’s plan would be five stories, according to Sheri Vander Dussen, the city’s planning director. Plans call for one six-story parking structure, she said.

Housing developers are rushing to file plans with the city, according to Vander Dussen.

They have good reason. The city has divided the Platinum Triangle into five districts, each with a cap on the total number of condos and apartments allowed.

In three districts, the cap already has been reached, mostly due to Lennar’s ambitious plans, according to city documents.

AMB must ask for an expansion of the current cap of 1,000 housing units in the Gene Autry district, according to Vander Dussen. Nearly 500 units already are spoken for. AMB wants to do double that.

The city may look at increasing caps and expanding the entire Platinum Triangle area to provide more affordable housing, Vander Dussen said. Such moves could strain sewer systems and roads, she said.

“At this point, we haven’t decided if we will expand the number of units allowed,” Vander Dussen said.

It’s costly to study the issue of more housing, because it requires extensive environmental and infrastructure analysis, Vander Dussen said.

“The city would have to invest a big chunk of money to do that,” she said. “Right now we don’t have any funding to do that.”

The City Council last month postponed a vote on Lennar’s bid to develop 2,681 condos and apartments, including 11 condo high-rises, in the Platinum Triangle. Council members cited traffic and public safety concerns.

City staff members have answers to those concerns and are set to present them at an Oct. 25 meeting, Vander Dussen said.

At a future date, the city is expected to consider Lennar’s plans for another parcel across from Angel Stadium.

The builder’s vision there: 1,132 homes, including three towers. One high-rise could be 450 feet, or 38 stories, in what would be the tallest residential building planned in the county.

Overall, the city allotted a maximum of 9,175 housing units in its Platinum Triangle general plan makeover last year. Plans for some 7,500 units have been filed with the city.

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