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Thursday, Jul 18, 2024

Legacy Partners Plans 2nd South Coast Metro Project

Foster City-based Legacy Partners is moving ahead on development plans for its second residential project in the South Coast Metro community, recently partnering with German asset manager DWS Group for the build out of a 226-unit multifamily community a short walk from South Coast Plaza.

Legacy Partners is the developer of 580 Anton, a 250-unit complex which was the first upscale apartment project in the Costa Mesa arts district area in a decade when it delivered in 2018.

The second area project, dubbed 651 Sunflower, is just over the city line in Santa Ana a few blocks away from 580 Anton.

The joint venture expects to deliver the complex in early 2023.

“651 Sunflower is Legacy’s newest development in the area following our successful opening and leaseup of 580 Anton, which is located nearby,” said Tim O’Brien, Senior Managing Director at Legacy. “We look forward to 651 Sunflower experiencing the same kind of demand that made 580 Anton an immediate hit.”

Former Church Site

Legacy and DWS, which has $772 billion in assets under management, are capital partners for the development of 651 Sunflower, acquiring the 3.6-acre site along Sunflower Ave. in September for what property records indicate is $16.7 million.

The site currently holds a nearly 10,000-square-foot building that’s used by The Sound church, along with a paved parking lot; both of which are set for demolition.

The five-story, 263,754-square-foot project will include a mix of studios and one- and two-bedroom units, all with balconies.

Designed by Orange County-based TCA Architects, it will also have a coworking lounge with private offices; a dog park; three courtyards with a pool and spa; and two rooftop decks.

The Sunflower Avenue site is across the street from the northern edge of The Enclave, Newport Beach-based Irvine Co.’s 890-unit apartment complex in the arts district of Costa Mesa, which opened in 2008.

The Enclave was the last big rental complex to open in the immediate vicinity before Legacy Partners took the wraps off 580 Anton, a seven-story complex that’s across the street from Plaza Tower.

Berkadia delivered DWS as the capital partner; JMI Contractors is the general contractor of record.

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