RESIDENTIAL
Santa Ana-based Nexus Cos. is keeping everyone in suspense about its plans for Skyline at MacArthur Place, the twin condominium towers going up in the developer’s hometown.
In July, I wrote a story about Nexus’ plans for Skyline, the two 25-story towers that qualify as Orange County’s tallest housing project. The project,estimated to cost about $350 million,has a total of 349 units.
At the time of that story, construction was expected to be complete in September. As of last week, construction crews still were working on the buildings’ final touches as well as the landscaping.
Nexus officials said in July that the plan still was to keep both buildings as for-sale condominiums, rather than convert some of them to luxury apartments as many market watchers have speculated.
That would be a tough sell in this market where a number of unsold already finished condos sit empty, which is why Nexus recently had filed an amendment to its development agreement with the Santa Ana Planning Commission that would allow leasing of some or all of the two towers.
But that amendment now is off the table. Nexus later decided to withdraw the request with the city and keep its towers a condo project.
If Nexus changes its mind again and wants to turn some units into apartments, the permitting process would probably take about three weeks, city officials said.
The back and forth makes it difficult to market the towers, which sit along the Costa Mesa (55) Freeway in Santa Ana’s Hutton Centre.
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Skyline towers: Nexus entertained turning some condos into apartments |
The sales office for the project, located about two blocks away from the towers, has been closed for about a month, according to other businesses in the complex. Also, Skyline’s Web site has been down for at least that much time.
The uncertainty surrounding the Skyline project hasn’t dissuaded other developers from looking at Santa Ana as a good place for high-rise condo developments,once the market improves.
City officials note that Los Angeles-based Bisno Co. still is in the entitlement process for its City Place Sky Lofts project in northeastern Santa Ana. That project proposes a 27-story tower with 333 condos and a number of two-story townhomes near the Santa Ana (I-5) Freeway.
Agent Changes
About a dozen OC home agent offices that had been run under the Re/Max Real Estate Services brand are changing allegiances.
The Aliso Viejo-based collection of real estate offices, which total about 350 agents, ended its 20-year partnership with Re/Max this month and began operating under the name Altera Real Estate.
Altera will be an affiliate of Chicago-based Leading Real Estate Companies of the World, one of the larger networks of independent real estate agencies.
Altera is family owned and run by founder and Chief Executive Gary Thomas and President Steven Thomas. Gary Thomas is a former president of the California Association of Realtors, while Steven Thomas is known locally for his detailed reports on OC’s housing inventory and sales trends.
Re/Max still has several dozen offices remaining in OC following the recent switch, according to the company’s Web site.
COMMERCIAL
Irvine’s Bacchus Development is hoping a $100,000 “premier card” can help drive sales of its office condominiums in the Irvine Spectrum.
At the Business Journal’s reception this month honoring OC’s fast-growing private companies, Bacchus Executive Vice President Jeffrey John Bitetti unveiled a new pitch for businesses looking to buy their own offices,a mock credit card offering $100,000 savings off the list price for Bacchus’ two most
recent projects.
The deal is good for the Bacchus Signature Series development, along Lake Forest Drive and Irvine Center Drive, and the Jeffrey Office Park, near Jeffrey Drive and the Santa Ana (I-5) Freeway.
Both projects, which have condos running 1,000 square feet to 20,000 square feet, have about half their combined 84 offices listed as available, according to Bacchus’ Web site. Recent sales at the projects have run close to $600 per square foot, including tenant improvement costs.
