Vancouver-based residential developer Intracorp has broken ground on its first rental apartment project in the Irvine Business Complex.
The company, among the most active developers of for-sale homes in infill sites around John Wayne Airport the past few years, is now building a 178-unit multifamily apartment project in Irvine, at 2055 Main Street.
The project marks the company’s fourth development in the IBC.
“With three successful IBC townhome developments completed and our first IBC apartment community under development, Intracorp has a pulse on this market,” said Brad Perozzi, who heads Intracorp’s Southern California division in Newport Beach.
The privately held firm in 2019 closed on 2055 Main, a vacant 47,583-square-foot industrial building on the corner of Main Street and Gillette Avenue, about a mile from the airport.
The site is next to the Intersect office campus, and is across the street from the Irvine Concourse mixed-use campus, which is getting a slate of new restaurants built along Main Street.
LBA Realty of Irvine was the seller of the 2.2-acre site; Intracorp paid $13.1 million for the property, which is a short walk from some of its for-sale condo projects, including LUX and MDL. Those are both sold out.
Intracorp expects to begin leasing for the five-story development in summer 2023. Pricing was not disclosed.
Amenities will include a rooftop deck with a resort-style pool and spa, entertainment pavilion, LED wall, lounge areas, barbeques, a game area, fitness center, sunken amphitheater and a business center.
The IBC’s housing cap stands at around 15,000 units. Nearly all those units are spoken for.
With new development opportunities in the IBC limited, Intracorp has been on the lookout for other locations in Orange County for additional developments.
It is currently leasing apartments at its just-built 290-unit apartment project in Fullerton, called Amplifi. Rents there start at $2,680. The company also has a for-sale project underway along Irvine Boulevard in Newport Beach, called Mariner Shores.
Outside of California, Intracorp is focused on urban regions in the U.S. and Canada, including Washington, Texas and British Columbia, notes Perozzi.