Henry and Susan Samueli’s recent proposal for the development of the 115-acre site surrounding the Honda Center in Anaheim is notable on several counts; the $3 billion investment alone is enough to catch attention.
The proposed project, branded as ocV!be, calls for, among other significant real estate additions, a 2,800-unit rental apartment project on the north end of the development site.
It promises to be the largest apartment project built to date at the 820-acre Platinum Triangle, where some 4,000 units have built over the past dozen or so years.
Unlike other master planners in the county that outsource the building and management of the residential portion, the Samuelis’ plan to make their first foray into residential development an in-house affair.
“We will build it ourselves” under the Samueli brand, which typically operates as H&S Ventures, said Dan Young, project leader for OC Vibe.
That decision is in part due to quality control, notes Young, the former No. 2 executive at Irvine Co., far and away Orange County’s most active multifamily developer during the past decade.
“We want to achieve a unified customer experience, from the apartments to the offices,” Young said. “That’s why we wanted to bring it in-house.”
There will be no for-sale housing, just rentals, about 15% of which will be affordable units.
The residential portion is likely to be split up into two main projects near the corner of Cerritos Avenue and River Road.
COVID-19 Support
Project and city officials say the OC Vibe project will help generate much-needed income to the tourist-dependent city of Anaheim, which has been hit especially hard by COVID-19 and its resulting halt on tourism in recent months.
The project is expected to create nearly 13,000 construction jobs and 3,300 permanent jobs upon completion, and generate more than $2 billion in a one-time economic impact, according to research firm DTA.
“Revenue generated by the project will assist the city of Anaheim in its efforts to recover from the COVID-19 pandemic, as well as enhance neighborhoods and public safety,” the Samueli family said in a statement.
That impact is more than doubled when considering plans for Angel Stadium, also revealed last month by SRB Management, the development company affiliated with Los Angeles Angels owner Arte Moreno.
That project, which proposes some 5,175 residential units along with other commercial development, is further behind in the entitlement and planning process than OC Vibe.
“We have been dealing with the economic impacts of coronavirus, and we look at these two projects as something that will help drive recovery,” said city spokesperson Mike Lyster. “They not only help us fulfill our long-term vision for the area, but also help us get back on our feet.”
