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The Anaheim Planning Commission approved plans for Newport Beach-based Shopoff Realty Investments and Wayne, Pennsylvania-based Argosy Real Estate Partners to build hundreds of apartments and townhomes in downtown Anaheim.
The commission unanimously voted Nov. 29 in favor of the Shopoff project, a massive development on 20 acres consisting of 546 apartments and townhomes at 901 East South St.
The developer plans to raze four industrial buildings — once home to Freeman Expositions Inc., a designer of trade show exhibits — to build 314 one- to three-bedroom apartments, 160 three-story attached townhomes and 72 detached townhomes with two or three bedrooms.
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The proposed Shopoff project is one of many in the works in the city and county and illustrates the growing demand for housing during a booming time when rent is up and sales are outpacing demand in the region.
A recent CoreLogic study found Orange County’s median home price is up to $690K, a 5.3% or $35K increase from a year ago in October.
In the past 10 years, more than 2,000 townhomes, condominiums and apartments have been built in downtown Anaheim, according to city staff.
The Shopoff project is next to City Hall, the Packing District and Muzeo Museum.
Slated to open in 2020, the development will feature Spanish, traditional and modern architecture and 232K SF of leisure and recreation space, including a park, a clubhouse, a pool, a lounge and landscaped areas.
The developers also plan to build a five-story parking structure with 1,380 parking spots and a 1,361-spot surface parking lot.
Other projects being built in the area include Trammell Crow Residential’s Alexan CTR City, a mixed-used project consisting of 220 apartments and 13K SF of retail, and Olson Co.’s 633-711 South East St., which is 42 attached townhomes recently approved by the Anaheim City Council.
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