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.
The City Council last month postponed until Oct. 25 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.
For more on this story, see the Oct. 10 edition of the Business Journal.
