Suggestion: Start Great Park Residential Development with Smaller, More Affordable Housing Options
As I wrote previously, construction of the Ivy neighborhood in Irvine’s Woodbury East development was originally planned to be completed a few years ago. The developers delayed the development date in the hope that market conditions would improve.
The developers of the nearby Great Park Neighborhoods also planned to begin construction a few years ago, but they too put their original plans for residential development on hold. However, they are proceeding with construction of educational and commercial buildings.
Back in March 2008 Lennar’s updated their plans for the Great Park Neighborhoods residential construction as follows:
Availability:
- Land sales that would allow developers to start building would begin in 2009
- First vertical development would be in place/sold by December 2010
- All development would be complete by 2015
Type of Units, Number of Units, Pricing:
- Single-family detached-1100 units @ $1,700,000 each
- Condos (LLD)-60 units @ $650,000 each
- Senior housing-600 units @ $400,000 each
- Residential golf course-635 units @ $750,000 each
- Multi-unit (transit-oriented development-TOD)-686 units @ $690,000
- Low to moderate senior housing-200 units, price not specified
- Low to moderate multi-family housing-344 units, price not specified
Of course, a lot of time has gone by since this March 2008 update was made, and I am sure this information will change when the Great Park Neighborhood developers provide a new update. Currently, the developers are keeping this information close to their vest as they gauge the market trends.
But I have a suggestion: Using the successful sell out the first phase of the Ivy development as an example, start the residential development in the Great Park with small, affordable homes. This is a niche in the Orange County housing market that has been ignored, and, as the quick sell out of the available Ivy homes shows, a pent up demand for this small and, therefore, more affordable housing exists.
Perhaps this is already on the planning board. We will see.
For a quick definition of the Orange County Great Park, see “The Orange County Great Park Revisited.” Also see “Orange County Great Park: Free Summer Events and the Jewel of Orange County Fundraiser,” and “The Orange County Great Park: Cirque du Soleil, Free Concerts Series, and Free Balloon Rides.”
Reference: Housing Availability at the Orange County Great Park
PHOTO IS OF A FORMER EL TORO MARINE BASE HANGAR THAT LENNAR CONVERTED FOR USE IN THE GREAT PARK NEIGHBORHOODS