Contractors Take Fight to Washington; Oakwood Renovates Apartments
COMMERCIAL
A few years ago, Spieker Properties Inc. bought the 12-story, 257,000-square-foot Stadium Towers Plaza across from Edison International Field and promptly began speaking (pun intended) to prospective tenants about a speculative second tower at Katella Avenue near the Orange (57) Freeway in Anaheim.
Initial plans called for the second phase of Stadium Towers Plaza to be a 254,360-square-foot, 12-story building at 2420 E. Katella Ave.
Today, while a billboard rendering in front of Stadium Towers portrays two gleaming high-rises, only one building stands in place.
“STP II is on hold right now due to market conditions,” said Jim Harper, project director of Stadium Towers for Spieker Properties.
“Right now, with (Stadium Towers Plaza I), we’re at status quo,” Harper said. “We are currently 95% leased and everything is going very well.”
Harper listed Primedia Enterprises, Washington Mutual, Prudential and Adelphia Media Services as tenants in the first phase. Phase II is a different matter.
No word on when Spieker may resume plans for a second tower.
ABC SoCal Goes to Washington
Southern California chapter members of the Associated Builders and Contractors, a Rosslyn, Va.-based trade group, went to Washington recently to lobby Orange County’s congressional delegation as part of the group’s annual national legislative conference.
The local members had a mission: gather moral support in their bid to revoke the county’s 2000 project labor agreements mandating that every major construction project for the next five years be built by union workers.
According to members, the current agreement “is restricting the number of bidders on county projects, raising costs to taxpayers.”
All five congressmen whose districts lie in Orange Country signed a letter drafted by ABC SoCal urging the Board of Supervisors to do away with the project labor agreement.
Reps. Chris Cox, Ed Royce, Darrell Issa, Dana Rohrabacher and Gary Miller signed a petition that supports a recent executive order signed by President Bush in February. Among other things, the order would prohibit “the use of federal funds on projects governed by a project labor agreement.”
“We strongly support President Bush’s policy of promoting open competition on construction projects in order to reduce costs to the federal government and taxpayers,” the letter states.
RESIDENTIAL
Oakwood Long Beach Marina, a 549-unit apartment complex at 333 First St. in Seal Beach, has received an $11 million renovation.
The complex was renovated by Los Angeles-based Oakwood Worldwide, a provider of apartments and corporate housing throughout the U.S., Europe and Asia. The Oakwood Long Beach Marina redesign is the first project of a projected $80 million in renovations to six of Oakwood’s facilities,four in LA and OC, with the other two in Silicon Valley. The six complexes total 4,371 units.
Built in 1971, the redesigned Seal Beach complex offers both traditional apartment housing as well as corporate housing and features an eclectic mix of European, Asian and California designs. Studio, one- and two-bedroom apartments are available. Amenities include a fitness center, tennis and volleyball courts and a big-screen TV theater.
Stabilization of (Un)affordable Housing
Affordable housing remained unchanged in April, according to the latest report released by the California Association of Realtors.
The group’s Housing Affordability Index held steady at 32% in April, unchanged from the same time a year ago, according to the report.
“Affordability has stabilized over the past several months after declining for nearly two years, in part because of lower mortgage interest rates compared to a year ago,” said Gary Thomas, president of the California Association of Realtors. “But the effects of lower rates are being offset by continued increased in the median price of a home in California.”
San Francisco remains the toughest place to afford a home in California with affordability at 10%. Orange and San Diego counties are the toughest tickets in Southern California at 24%,down from 27% and 25% respectively. Los Angeles rose from 35% a year ago up to 37%. The national affordability index stands at 56%.
If you’re looking for an affordable home in California, head for the desert, literally. The High Desert is the most promising with a 65% affordability rate.
