A commercial site recently changed hands and could be used for a housing development.
New York City-based commercial real estate advisory firm Newmark confirmed with the Business Journal that it sold the 2.7-acre land at 901 E. Katella Ave. to Canadian developer Intracorp. The developer, in turn, would use the site to build 49 two- and three-floor single family small lot homes.
CoStar data, however, shows two transactions. On July 24, data shows Intracorp, through subsidiary Katella RE LLC, buying the land from Phoenix Power & Light LLC. But as of Aug. 5, data shows homebuilder Taylor Morrison of California LLC listed as the property’s new owner.
The Business Journal reached out to both Intracorp and Taylor Morrison for clarification. Intracorp declined to comment, saying it is legally prohibited from talking about the project at this time.
Taylor Morrison said: “It is too early to provide specific details.” However, Morrison said the firm would “reach out proactively and provide timely updates.”
CoStar data shows Taylor Morrison of California spending $22.5 million for the 2.7-acre of land at 901 E. Katella Ave.
Public data shows the two firms are connected. Katella RE LLC has the same office address as Intracorp’s Newport Beach location. Brad Perozzi, an executive with Intracorp’s Southern California office, was listed as a registered agent for Katella RE LLC.
From AT&T Building to Homes
The property at 901 E. Katella Ave. features a 20,000-square-foot industrial building slated to be demolished for residential development, according to city documents.
AT&T had been the building’s sole tenant since 2014. However, the building has since been abandoned, according to paperwork filed for California Environmental Quality Act (CEQA) review by the city of Orange and Intracorp.
The CEQA filings said the building would be demolished to “redevelop an existing 2.71-acre commercial site with 49, two and three-story single family small lot homes (17 paired and 15 detached), open space recreation areas, guest parking and related site improvements.”
The plan includes a mix of three- and four-bedroom residences ranging from approximately 1,701 to 2,004 square feet with roof decks on all three-story units with a maximum building height of 35 feet, according to the city’s CEQA request. The project also proposes 12, two-story detached units along the north property boundary, adjacent to existing single-family homes.
Orange’s City Council unanimously approved the Intracorp project in May.
