Intracorp Cos. is preparing to take the wraps off the first of several for-sale, infill housing projects near John Wayne Airport.
The Seattle-based developer, whose Southern California operations are in Newport Beach, plans to open model homes this month at its first location in the Irvine Business Complex.
The 71-home C2E project, short for Close to Everything, opens on April 21, according to the company. It’s among the first for-sale housing developments in the IBC in years other than Lennar Corp.’s massive Central Park West site next to the San Diego (405) Freeway.
Most other area residential developers have focused on midrise apartment projects.
The three-story C2E townhome project is on 3.4 acres near the intersection of Von Karman and Alton Parkway near the Diamond Jamboree shopping center. Intracorp paid a reported $17.5 million for the former industrial site in late 2016.
Homes will range from 1,245 square feet to 2,039 square feet, prices starting around $650,000. Homebuyers “will benefit from no Mello Roos, a low tax rate, and low HOA fees,” the company said in a statement.
The project was designed by JZMK Partners. Offerings range from two to four bedrooms.
It’s one of three IBC housing developments Intracorp plans to open in the next 10 months. Also on tap are two townhome projects totaling 176 units on Gillette Avenue, about a mile from the airport near the intersection of Main Street and MacArthur Boulevard.
The first of the projects, called LUX and MDL, will open in late summer.
Intracorp also has a detached townhome project in Costa Mesa whose models should open by the end of this month. The 42-home The Place development is on West 17th Street about a half mile south of The Triangle entertainment center.
The three-story homes there range from about 2,000 square feet to 2,300 square feet and include rooftop decks.
Pricing starts just above $1 million.
Intracorp’s Southern California operations are headed by Brad Perozzi, who joined the company about a year ago after working with Picerne Group and Trammell Crow Residential.
Garden Growing
Huntington Beach’s Bella Terra shopping center is the latest big area retail center in line for a makeover.
The 840,909-square-foot center’s manager and part-owner, DJM Capital Partners Inc., recently started a redevelopment of the main public space, with the goal of creating the city’s “biggest and best backyard.”
The updated space will be called The Garden at Bella Terra and include an outdoor dining area, an open-air beer and wine garden, and a children’s area. It’s replacing the center’s former amphitheater and should be done by November.
The plan is “to create an atmosphere that enhances Bella Terra’s well-established position as a central and welcoming destination for shoppers, diners and the community,” said DJM Chief Executive D. John Miller in a statement.
Bella Terra was Orange County’s 21st-largest shopping center by sales last year with $116 million in taxable sales.
Prudential Real Estate Investors bought a 75% stake in it in 2015 on undisclosed terms. DJM, which also developed the Pacific City shopping center in Huntington Beach, owns the remaining stake.
Correction
My March 26 story on BJ’s Restaurants Inc. renewing its headquarters lease in Huntington Beach included the wrong information on the tenant broker involved in the deal.
Chon Kantikovit of Cushman & Wakefield’s Irvine office represented the casual restaurant chain in the new 57,100-square-foot lease at the One Pacific Plaza office complex next to the 405 Freeway and Bella Terra.
The property “has long-provided BJ’s with a premier class A office setting strategically and conveniently located within Orange County,” Kantikovit said. “BJ’s team members are also offered walkable amenities given the building’s position across from Bella Terra.”
