After several years and a 2019 change of ownership, plans appear to be moving ahead for the development of a prominent mixed-use site not far from Angel Stadium in Anaheim’s Platinum Triangle.
City filings indicate new plans are being considered for the former LT Platinum site at the northeast corner of State College Boulevard and Orangewood Avenue.
The 14-acre site has sat largely vacant for nearly six years; as of early last year plans were still being considered that involved an L.A. Live-type development holding some 1.7 million-square-foot of entertainment, hotel and residential uses—its cost was estimated in the $500 million range when initially proposed.
In 2016, the city approved a plan with 405 residential units, 583,000 square feet of commercial development, and 77,000 square feet of office development.
Less ambitious plans are now envisioned for the site, which a local venture bought from Hong Kong-based LT Commercial Real Estate Ltd. last fall for about $32 million, or nearly $2.3 million an acre.
The developers of the new project—a partnership including Irvine’s Camphor Partners and an undisclosed local real estate investment firm that’s financing the project—recently submitted a proposal to the city to build apartment units and a grocery store at the site.
“The former project was a very bold vision that would have been more of a multidecade-type project, and the new proposal is more tangible,” and could break ground about year from now, with construction slated to wrap 18 months later, according to city spokesman Mike Lyster.
Camphor, which until 2017 operated under the Great Far East name, has several commercial properties in Irvine, including the eight-story Spectrum-area office that holds the operations of Yard House Restaurants, as well as a few notable residential, office, and hotel developments closer to the airport.
Apartments, Grocery Store
Early details for the Anaheim project now propose 947 rental apartment units, a 25,000-square-foot grocery store, two parking structures totaling 1,970 spaces and a 1-acre park.
The apartment complex would span three buildings, two of which would connect with one of the parking structures, while a stand-alone apartment building is likely to be situated on top of a second parking structure.
The grocery store—a brand for which has not been decided—is likely to be free-standing.
“A new grocery store has been a long-planned and desired addition to the Platinum Triangle, as there isn’t yet one in the immediate vicinity,” Lyster said.
He added that another grocery store is expected to be included in the redevelopment of Angel Stadium, tentative plans for which were revealed last month.
Moreno, Samueli Nearby
The proposed project is separate from the ambitious mixed-use plans next door to redevelop Angel Stadium and the land surrounding the baseball stadium, which for now is still owned by the city.
Angels owner Arte Moreno—estimated to have a fortune in the $2.6 billion range (see page 14)—would buy the land from the city under a proposal that’s still months away from being finalized.
Both projects have the stadium’s future in mind, Lyster noted.
“We are potentially adding about 6,000 apartments and condos between these two projects, which drives demand for additional retail and entertainment,” Lyster said.
Also further along and in the works: 2,800 new apartments proposed on the other side of the Orange (57) Freeway, as part of Henry and Susan Samueli’s plans to revitalize the area around the Honda Center.
The Business Journal estimated the Samuelis’ wealth at $5.5 billion, and their wealth has been given a larger boost than Moreno this year because of the value of the entitlements for their project (see page 16).
Construction for the two sports-anchored complexes could begin as soon as 2023.
