Plans for an apartment complex are moving ahead on a vacant parcel near the headquarters of Santa Ana-based First American Financial Corp. that was eyed for a high-rise condominium project during the last housing boom.
Developers have submitted plans with the city to build a 284-unit apartment complex called the Met at South Coast, at MacArthur Boulevard and First American Way, near the Costa Mesa (55) Freeway.
The 3.1-acre site changed hands last year for a reported $6.1 million in a lender-driven deal.
The site’s new owners, VDC at the Met LLC, recently asked city planners to re-entitle the land for a three-building apartment complex, running five stories each, rather than a high-rise project.
VDC is affiliated with Vineyards Development Corp. of Los Angeles. Bisno Development Co., the Los Angeles-based developer of the mixed-use City Place project in Santa Ana, also is involved in the apartment project, according to city records.
A time frame for the project’s groundbreaking has not been announced. It should take about 22 months to complete the project, according to filings with the city.
Building Plans
The developers have proposed building 192 one-bedroom units, 82-two bedroom units, and 10 three-bedroom units, ranging in size from 744 to 1,383 square feet.
The project, located at 200 E. First American Way, also would include two levels of below-ground parking that hold 625 spaces.
The project is among the latest apartment developments proposed for the South Coast Metro area, which runs approximately between John Wayne Airport and South Coast Plaza.
A few blocks away, at 100 E. MacArthur Blvd., Newport Beach-based apartment owner and developer Lyon Communities is planning a four-story, 300-apartment complex that’s expected to move ahead this year.
The area was expecting a few more high-rise condos, and fewer apartments, during the peak years of the last housing boom.
A half-dozen or so high-rise condo plans in the area surrounding Costa Mesa’s arts district were put on hold, or cancelled altogether, as the market turned south.
Previous Idea
The 200 E. First American lot was previously slated to hold a high-rise project initially called Geneva Commons, later renamed Promenade Pointe, which was to be built by Santa Ana-based Coastal Rim Properties Inc.
The project—initially expected to include condominiums spread over an eight-story, 84-unit building and an 18-story tower with 194 units—was approved by the city in 2005.
Coastal Rim estimated the project would have a value of $246 million when completed. The developer never moved ahead with construction, due to deteriorating market conditions.
The land was listed for sale early last year at $8.1 million, according to marketing materials for the site, about 23% more than it fetched in the recent lender-driven deal.
The site sits across the street from the two-building, 25-story Essex Skyline towers, the only two residential towers in Orange County outside of Irvine to go up in recent years.
The Essex Skyline also was initially expected to hold condos but converted to high-end apartments after Palo Alto-based Essex Property Trust Inc. bought the project for $128 million in 2010 in a lender-driven
deal.
