Homebuilder Lennar Corp. quietly has bought nearly 30 properties near Angel Stadium of Anaheim with plans to transform a sleepy industrial district into 3,000 condominiums and apartments,nearly as many as the company plans for the former El Toro Marine base.
Its plans for the area, dubbed Platinum Triangle by the city of Anaheim, include six condominium high-rises.
One tower could be as high as 33 stories, becoming the county’s tallest building, according to Sheri Vander Dussen, Anaheim’s planning director. In Santa Ana, developer Michael Harrah has proposed a 37-story office building, which is set to go to voters next week.
The Aliso Viejo office of Lennar, which is based in Miami, plans to center everything around one main street with shops at ground level and condominiums above, according to the city. Initial plans call for 100,000 square feet of shops and offices.
The homebuilder could realize lofty city goals to remake the area around the stadium and Arrowhead Pond of Anaheim into a countywide draw of shops, eateries, homes and offices.
City officials are “excited” about working with one developer on the redevelopment of a big chunk of the area, Anaheim’s Vander Dussen said. It should make handling traffic, public space and other issues simpler, she said.
Lennar is in early talks with the city, Vander Dussen said. Lennar and city officials have discussed plans for 1,619 condominiums and apartments on 30 acres, she said. Lennar would demolish several small office and industrial buildings along Gene Autry Way and Katella Avenue.
Local Lennar executives Jonathan Jaffe and Emile Haddad have orchestrated some major real estate plays here, betting big on the endurance of Orange County’s housing market. As Lennar’s chief operating officer, Jaffe is second-in-command, and Haddad heads Lennar’s local development arm.
Under their direction, Lennar topped bidding for El Toro, agreeing in February to pay $650 million to the Navy. The company is set to pay an additional $400 million to Irvine for roads and other basics.
Near Angel Stadium, Haddad said his company already has bought 29 properties.
Last year, Lennar bought two area office parks for $70 million, according to Voit Commercial Brokerage LP, which worked on the deal. Golden West Business Park and Gene Autry Business park include 17 buildings on 17 acres.
Lennar plans about 3,000 homes in Anaheim. Irvine has zoned El Toro for 3,600 homes.
For more on this story, see the March 28 edition of the Orange County Business Journal.
