As New Owners Emerge, Platinum Triangle Megaproject Is Put On Ice
Want to get a jump-start on upcoming deals? Meet the major Orange County players at one of our upcoming events!
The LT Platinum Center, a proposed $500M mixed-use development once hailed as an “LA Live-like project” in Anaheim’s growing Platinum Triangle, may be dead.
Hong Kong-based owner and developer LT Global has sold the nearly 15 acres of land where the grandiose proposal was slated to be developed next to Angel Stadium to Anaheim Jianyong Investment for $32M, the Orange County Register reports, citing property records filed with the Orange County Clerk-Recorder.
Irvine-based Camphor Properties will serve as a partner in the project, the Register reported.
“We’ve talked with the new owners and look forward to hearing more about their vision for the site,” Anaheim spokesman Mike Lyster told Bisnow.
Camphor did not reply to a Bisnow request for comment as of press time. Only an Irvine address could be found for Anaheim Jianyong Investment and PDC Anaheim Properties.
Camphor Chief Investment Officer Sean Shuo Cao told the Register the company is also planning a mixed-use development with a hotel, grocery and residential component, but said it would not be as large as LT Global's project.
“We need to talk to the city and also the Angels about it,” Cao said. “We definitely want to move fast.”
Anaheim city officials had hailed LT Global’s LT Platinum Center, which sits on a 14.8-acre site on the corner of Orangewood Avenue and State College Boulevard, as one of the future anchors of the city’s Platinum Triangle area, along with Angel Stadium and The Honda Center.
The Platinum Triangle is an 820-acre former industrial area and home to Angel Stadium, the Honda Center and the ARTIC transportation hub. The area sits only a couple of miles away from the Disneyland Resort and the Anaheim Convention Center. More than $1B of investments is being poured into projects to develop the Platinum Triangle.
LT Platinum Center would have featured a 400-unit multifamily apartment, a 200-key hotel, 430K SF of retail and entertainment space, 75K SF of office space and a 1.5-acre park.
It is unclear why LT Global decided to give up on the project.
Yang did not reply to a Bisnow email as of press time.
Lyster, the Anaheim city spokesman, said the city is looking forward to working with the new ownership group on the future of the site.
Any new plans for the site might need certain city approvals, Lyster said.
“With any new ownership, we would expect to see changes geared toward current market demand and what would work best for the site,” Lyster said. “The site continues to hold potential for an exciting project that speaks to the long-term plan we have for the area around the stadium.”