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                                                                                Irvine Co.
the Irvine Co. plans to develop Spectrum Terrace – nine four-story buildings totaling
more than 1 million square feet of office space plus 30,000 square feet of amenities.
Three entrances to the office complex will be provided off Laguna Canyon Road

By MARTIN A. BROWER | mandtbrower@cox.net | Orange County
Register
PUBLISHED: March 5, 2018 at 6:51 pm | UPDATED: March 5, 2018 at 7:08 pm

Spectrum Terrace in the Works

the Irvine Co. plans to develop Spectrum Terrace – nine four-story buildings totaling
more than 1 million square feet of office space plus 30,000 square feet of amenities.
Three entrances to the office complex will be provided off Laguna Canyon Road

The strong demand for office space in the Irvine Spectrum – the Irvine Co.’s
office, entertainment, hotel and apartment complex at the confluence of the 405
and 5 freeways in Irvine – will be accommodated by a planned complex of nine
office buildings adjacent to the Spectrum on the west side of the 405 near
Laguna Canyon Road. The site will be familiar to those who noticed the huge tent
for the “Odysseo” equestrian show.

On that site, the Irvine Co. plans to develop Spectrum Terrace – nine four-story
buildings totaling more than 1 million square feet of office space plus 30,000
square feet of amenities. Three entrances to the office complex will be provided
off Laguna Canyon Road. Nearby residents in the Irvine villages of Quail Hill and
Hidden Canyon were startled by the unannounced grading of the 106-acre site,
but city approval was received during its land-use plan adopted in 2000.

Spectrum Terrace will be constructed in phases, the first phase to include three
buildings. Plans go to the Irvine Planning Commission this year with start of
construction possible later this year.

Green (Half) Acres

Homes on half-acre lots are difficult to find in Orange County, but Toll Bros., the
Pennsylvania luxury homebuilder, will offer houses on nearly a half-acre in its
coming Stonecliff Estates in Yorba Linda.

Toll is acquiring a 30-acre site on Lakeview Avenue at Bastanchury Road and
intends to develop a community of 47 homes. Prices have not been announced
but, as a base, sources report the price for the 30 acres equates to $940,000 per
lot.

Goodbye, Mariner Square Apartments

Mariner Square Apartment Homes, Irvine Co.’s first apartment project, which it
developed in 1968, will soon shutter.

With approximately 40,000 apartment units on the Irvine Ranch, nearly all
developed by the Irvine Co., the developer no longer needs the very first
apartment project it developed, in 1968. Mariner Square Apartment Homes, the
114-unit garden apartment complex near Westcliff Plaza shopping center, has
been sold for re-development to Melia Homes, Irvine.

Melia Homes plans to tear it down and use the 5-acre site for condominiums.
The three-story residences will be designed with “farmhouse, beach cottage and
beach bungalow architecture.” Amenities will include a swimming pool and what
the developer calls a “great lawn.” Construction will likely begin in 2019.

Old St. John Knits Building becomes office buildings

LBA Realty of Irvine has scaled back its proposed mixed-use project on the
former site of St. John Knits at Jamboree Road and Michelson Drive in Irvine. LBA
acquired the 9.4-acre site three years ago with the intent of creating a mixed-use
campus to include two five-story office buildings, a hotel and retail. (LBA is the
force behind Park Place, the office, restaurant, retail, hotel, fitness and residential
complex kitty-corner from the former St. John Knits site.)

Now the contemplated project is entirely different. Considering recent demand
for creative office space, LBA intends to convert the existing industrial building
on the site into creative indoor/outdoor open office space. Included would be
10,000 square feet of outdoor amenities where office workers can gather, work
and eat.

The Moshayedi Mile?

A rendering of the projected Moyadi Mile in Irvine.

Now we have some idea of what the Moshayedi family plans to do with all the
property it has acquired on both sides of West Coast Highway along Newport
Beach’s Mariner’s Mile. Mariner’s Mile extends from Dover Drive to the bridge
that carries Newport Boulevard over PCH. The family, including Manouch and
Mark Moshayedi, spent more than $130 million since 2009 buying parcels of
Mariner’s Mile land, which Manouch rightly calls “one-of-a-kind properties.”

Early plans call for two of the family’s entities, Mx3 Ventures and MSM Global
Ventures, to create what would be called Newport Village, a multi-block, 600,000-
square-foot, mixed-use complex of shops, restaurants, offices and apartments
on both sides of West Coast Highway. Featured would be a public boardwalk
along Newport Harbor and 77 new boat slips. Subterranean parking would be
provided for 694 vehicles in the always-parking-hungry Mariner’s Mile.

Loads of approvals would be required from the city of Newport Beach and the
California Coastal Commission before any construction could begin.