Photo from City Place
According to a recent article in the OC Register “Development of shops and lofts is opening on land where developers once saw office towers,” we’ll soon see some changes near MainPlace Mall.
“This was going to be one of Orange County’s premier office centers, a soaring vision of glass and steel with a monorail zipping around the buildings. Instead, it has sat almost vacant for two decades, 18 acres of missed opportunity just across the street from the bustle of MainPlace mall.
But now: Restaurants are hopping, shops are opening, and a wave of mostly young and affluent professionals is moving into swank lofts as the City Place development takes shape. The $125 million project is part of a recent building trend that favors the urban-style living of years past, with shops and restaurants a few steps from homes…
Those stand-alone retail buildings have proven to be an easy sell, Bisno said; he’s getting about a dollar more for every square foot than he expected. Demand for the residential buildings, though, has gone slack as the real-estate market crumbles; Bisno estimated that he’s sold 70 of the development’s 185 homes…
Bisno plans to finish City Place by the spring. And, if he goes forward with a second phase of development there, it might not look that much different from the old Main Street Concourse idea. He’s talking to the city about building a 31-story condo tower there on the site.”
It’ll be interesting to see who buys these “loft” type places. With these places being listed at $700k to $800k, I just don’t get it. With the market the way it is, you could get a nice big house for that price. I guess it’s the “ease” of walking down to the store and the city life that might be appealing. For me, it’d be space (away from my neighbors) and a five minute drive to store anyday. To illustrate my point, here’s a sold home and homes currently for sale just down the street from this development. Which would you choose? No, really, which would you? Leave a comment and let me know.
2717 Larchmont Ave, Santa Ana 92705; 3 bed/2.5 bath; 1,824 sq ft; sold for $552,000 on 10/25/07
2630 North Jessee Dr, Santa Ana 92705; 3 bed/2 bath; 1,617 sq ft; currently listed at $619,000
2518 North Poinsettia St, Santa Ana 92706; 3 bed/2 bath; 1,755 sq ft; currently listed at $619,000
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