The developers of Pointe Anaheim, a proposed $545 million shopping and hotel complex across from Disneyland, say they soon expect to close escrow on two properties making up two-thirds of the land needed for the project.
The pending deals would give Pointe Anaheim roughly 20 acres among six parcels, according to Robert Shelton, a partner with Anaheim Center for Entertainment LLC, which is heading the development. The project’s developers are seeking eight properties in all to build the 29-acre complex.
According to Shelton, Pointe Anaheim’s developers are in the process of acquiring a 9.5-acre property owned by the Melodyland Christian Center and a 1.4-acre property on Clementine Street, owned by the Berger Foundation. Both transactions are expected to close by month’s end, he said.
The deals follow a 99-year lease struck in December for the Rip Van Winkles Inn property owned by the Taby family, and the October purchase of a vacant 4.4-acre parcel of property owned by the Rist family.
Last year, San Diego-based real estate investor Excel Legacy Corp., one of several backers of Pointe Anaheim, started purchasing several parcels while seeking additional funding for others.
Pointe Anaheim’s backers are in talks for the project’s two remaining sites: one owned by the city of Anaheim and another held by Pyrovest Corp. The latter is a crucial 10-acre slice occupied by the Anaheim Plaza Hotel. Pointe Anaheim, which offered $35 million for the site, has faced difficulties securing the parcel, as the owner and tenant had been in litigation.
In all, Pointe Anaheim plans to spend up to $75 million buying or leasing land from about 15 property owners.
Pointe Anaheim’s development team, which also includes Western Asset Management Group of Cos. of Edmonton, Alberta, Strategic Retail Advisors of Newport Beach and Stanley Castleton, a principal of the Hilton Anaheim owership group, has invested more than $25 million in the project so far, Shelton said.
The proposed 565,000-square-foot center, scheduled to open in 2004, is set to feature retail, restaurants, live theaters and three hotels. The center originally was set to open this year, along with Disney’s California Adventure theme park. But delays in securing land and financing have postponed the project. Downtown Disney, a rival entertainment, retail and hotel complex next to Disneyland, officially opens this Friday. n
