Why do they keep building condo/apt buildings in Irvine?

NEW -> Contingent Buyer Assistance Program
[quote author="usctrojanman29" date=1232715558][quote author="OCCOBRA" date=1232692083][quote author="tkaratz" date=1232689659][quote author="ABC123" date=1232682564]Part of the few minutes of the council meeting that I watched, Christina Shea was praising the Village and its layout. I believe she said something to the effect that when she first saw the complex from the outside it looked ugly but was impressed with how it was designed once she saw the arrangement of the apartments and stores like Starbucks and Juice it Up.</blockquote>


Mixed use is the opiate of the planning department.



I think that's the best looking 4 story apartment project in most of southern california and it actually has architectural lighting. I remember processing a project through city hall and they pointed to Camden's main and jamboree project as the ideal elevation and in line with their contemporary/modern architectural vision for the IBC. I didn't know that vision included alumnium siding.</blockquote>


Because they will be in a great position when the market comes back and turn all these new apartments and sell them as condos. It may be a long time but it will happen.</blockquote>
I would not be shocked at all if IAC does condo conversions on some of their apartment complexes when the market picks back up (however long that'll be).</blockquote>


IAC will never convert to condos. Too much market risk and to much legal risk. Furthermore, their luxury communities were never designed as a condo communities and are over ammenitized.
 
Living at the Village, I'm surprised by the fact the IAC is still building this huge complex right next to us, the Park, given the Village's vacancy rate (my estimate is about 20%, what are they thinking?
 
[quote author="blackacre-seeker" date=1232721157]Living at the Village, I'm surprised by the fact the IAC is still building this huge complex right next to us, the Park, given the Village's vacancy rate (my estimate is about 20%, what are they thinking?</blockquote>






i guess sales people lie at the Village. They told me that they were 90-95% filled.
 
[quote author="tkaratz" date=1232719807]



IAC will never convert to condos. Too much market risk and to much legal risk. Furthermore, their luxury communities were never designed as a condo communities and are over ammenitized.</blockquote>


We used to live at the IAC community San Carlo Villa, and when moved in ~4 years ago one of the documents we had to sign was an acknowledgement that they could possibly convert to condo/townhouses at some future date. As I understood, San Carlo was originally built during the previous bubble (1988-9) to be sold as condos/townhouses, and when the market went south back then they converted to apartments. I guess they still keep that door open to put them up for sale at some point.
 
[quote author="biscuitninja" date=1232705209][quote author="momopi" date=1232675121]



From urban planning perspective, cities should NOT be allowed to build only luxury homes. I don't care if the land in Newport City or Beverley Hills is expensive, they're still responsible for building affordable housing units for the waitresses, mail man, and teachers who work in the city.



. </blockquote>


not sure i agree with that. who says if you work in a city that it entitles you to live in there as well. if that were true we would see a mass exodus of people from the IE move into OC. **shudder** what reason would there be to live out there. hey, they work here, we should provide affordable housing for them.
 
[quote author="blackacre-seeker" date=1232721157]Living at the Village, I'm surprised by the fact the IAC is still building this huge complex right next to us, the Park, given the Village's vacancy rate (my estimate is about 20%, what are they thinking?</blockquote>


Just go on the IAC website.

<a href="http://www.rental-living.com/Communities/The-Village-at-Irvine-Spectrum-Center/Prices-And-Floorplans/">http://www.rental-living.com/Communities/The-Village-at-Irvine-Spectrum-Center/Prices-And-Floorplans/</a>



I count over 100 units on the site available. Love those 500 Square foot Studios

for $ 1500.00 a month. Yuck. Talk about Kool-Aid drinkers.

So with 1550 Units. Thats less than 10% vacant.



Traffic on Alton is really going to suck when they build these out.
 
[quote author="bltserv" date=1232762945][quote author="blackacre-seeker" date=1232721157]Living at the Village, I'm surprised by the fact the IAC is still building this huge complex right next to us, the Park, given the Village's vacancy rate (my estimate is about 20%, what are they thinking?</blockquote>


Just go on the IAC website.

<a href="http://www.rental-living.com/Communities/The-Village-at-Irvine-Spectrum-Center/Prices-And-Floorplans/">http://www.rental-living.com/Communities/The-Village-at-Irvine-Spectrum-Center/Prices-And-Floorplans/</a>



I count over 100 units on the site available. Love those 500 Square foot Studios

for $ 1500.00 a month. Yuck. Talk about Kool-Aid drinkers.

So with 1550 Units. Thats less than 10% vacant.



Traffic on Alton is really going to suck when they build these out.</blockquote>


The firm I work for is moving to 20 Pacifica right next door to the Village in May. We have a very high % of single young professionals working for us, with a fresh hiring class every year. Our under 35 and single headcount is probably 200+. I am sure we will do our part to help to boost the occupancy rate at the Village.
 
[quote author="acpme" date=1232761311]

not sure i agree with that. who says if you work in a city that it entitles you to live in there as well. if that were true we would see a mass exodus of people from the IE move into OC. **shudder** what reason would there be to live out there. hey, they work here, we should provide affordable housing for them.</blockquote>


If the person in IE actually works in Irvine, then yes, he or she should be given priority on affordable housing wait list. If he/she is a public servant or works in some kind of public service sector (post office worker, school employee, etc), he/she should also be given higher priority to the wait list.



I don't object to <em>exclusive neighborhoods</em>, but do object to <em>exclusive cities</em>. A neighborhood can be designed for high-income families, but a city should strive to provide housing for people of varied income levels.



An exclusive neighborhood that walls itself, denying access of its roads and parks/facilities to the general public, should also compensate the general public by providing some public facilities, such as allocating land to build a public-use park and maintain it through its HOA. Exclusive neighborhoods should also not be allowed to deny public access to ocean beaches and natural lakes/rivers. An exception can be made for man-made lakes and reservoirs however.



<a href="http://www.theonion.com/content/news/report_nations_gentrified">http://www.theonion.com/content/news/report_nations_gentrified</a>



<img src="http://www.theonion.com/content/files/images/Report-Nations-Jump-R.jpg" alt="" />
 
i still don't really understand the WHY behind affordable housing, rent control, etc. i think they are compassionate, well-intended policies, but in practice lead to exactly the type of gentrification you refer to. people should live where they can afford to live, period. with affordable housing, rent control, or whatever you want to call it, everyone would be a fool not to work in irvine. wages get pushed down due to the over-supply of labor, yet rents will have to be artificially low so those wage-earners can afford it. the costs for those who don't qualify and pay "market" rates will of course be astronomical.



same thing in manhattan where the population consists entirely of extremes -- either you qualify for rent control (63% of manhattan apts are regulated) or can afford outrageous rents. you have an entire population consisting of either big swinging D's... and waiters. santa monica is similar. median rents no longer exist, therefore the middle class disappears with it. massachusetts repealed rent controls and it did not lead to widespread evictions and hardships that many claimed would happen.
 
I based my vacancy rate's estimate for the Village on my walks around the neighborhood and seeing all these empty units (most of them seem to be at the 1st floor). They always keep the lights on in these units (talk about helping the environment), so if you are passing by really late at night, you would be surprised to see how many of them are there. I don't know if they keep the lights on in the upper units, would not make much sense to do that.

Anyways, the Park is even closer to the freeway than the Village, so it would be harder to fill those units in.



CK, glad somebody is moving into that office building on Pacific, it looked like a ghost building with nobody ever going in or out and lit-up empty floors. It is shame b/c it does look great, at least from the outside, and the location is awesome.
 
I generally don't like "affordable housing" programs because they usually work out to be a lottery. Some lucky waiters will get nice apartments in Irvine 5 minutes from where they work and other who differ only in the number they drew on the priority list have to rent a room in Corona. It's not fair.



IMO "affordable housing" should be units *designed* to be cheap - which is to say small rooms, high bedroom counts, and limited parking with public transport access. If necessary, you can top this off with subsidies distributed to anybody who meets the needs test, whether they live in Irvine or Moreno Valley. They allocate the units by market mechanisms. As a side benefit, almost anybody who would choose the "affordable housing" in Irvine would be somebody who works there, because the Irvine units will still command a premium relative to Corona.
 
[quote author="blackacre-seeker" date=1232771755]



CK, glad somebody is moving into that office building on Pacific, it looked like a ghost building with nobody ever going in or out and lit-up empty floors. It is shame b/c it does look great, at least from the outside, and the location is awesome.</blockquote>


I thought the same thing when they first made the announcement. But when I read TIC's press release, it said each building (20/40 Pacifica) is now at 65% occupany. That surprised me. I'm just happy that Javier's is across the street....
 
*Cough* last post on subject in thread.



When men acquire small amounts of wealth, they fancy to emulate the wealthy folk, distancing themselves from poorer peers. They move up the stained glass towers or away to the hills, so that they wouldn't have to blight their eyesight with signs of lesser people.



Looking across the land, they saw an apartment block for the working class. "REMOVE THIS EYESORE", a voice boomed. With a blink of the eye, bulldozers came and replaced the apartments with a shiny new shopping plaza. The city mayor smiles happily at the increased tax revenue.



"Where shall the displaced live? They work here, in the shops, the resorts, the hotels", asked a small voice.



"TO THE LAND FAR AWAY, WHERE THEY CAN AFFORD THE RENT", replied a booming voice.





If we keep pushing the blue collar, working class folks out of sight, some day we'd really lose our compassion for them. It has already happened with the elderly.
 
[quote author="kwong7" date=1232700149][quote author="tkaratz" date=1232689659][quote author="ABC123" date=1232682564]Part of the few minutes of the council meeting that I watched, Christina Shea was praising the Village and its layout. I believe she said something to the effect that when she first saw the complex from the outside it looked ugly but was impressed with how it was designed once she saw the arrangement of the apartments and stores like Starbucks and Juice it Up.</blockquote>


Mixed use is the opiate of the planning department.



I think that's the best looking 4 story apartment project in most of southern california and it actually has architectural lighting. I remember processing a project through city hall and they pointed to Camden's main and jamboree project as the ideal elevation and in line with their contemporary/modern architectural vision for the IBC. I didn't know that vision included alumnium siding.</blockquote>


That's funny. My wife and friends were commenting on how Irvine is starting to resemble the slums of Rio with all the new condo/apt and their horrible color schemes. I guess the aluminum siding is the icing on the cake. It's tough to design Post-modern in an appealing way; it tends to be overdone and self defeating. Contemporary and Modern were much easier.</blockquote>


The Village is the best apartment complex I have ever lived in. I have lived in over 15!! I move every year :) I might even renew this time. Irvine has the best apartments in the industry. The up keep is amazing and the upgrades are so nice. It's really is hard to own once you live here. We have events and classes at the Village. Its like living in a 5 star hotel.
 
[quote author="CK" date=1232772967][quote author="blackacre-seeker" date=1232771755]



CK, glad somebody is moving into that office building on Pacific, it looked like a ghost building with nobody ever going in or out and lit-up empty floors. It is shame b/c it does look great, at least from the outside, and the location is awesome.</blockquote>


I thought the same thing when they first made the announcement. But when I read TIC's press release, it said each building (20/40 Pacifica) is now at 65% occupany. That surprised me. I'm just happy that Javier's is across the street....</blockquote>


You will also be happy to know that the FDIC has a big space there and signed a huge expansion of a lease as well. That is why they have 65% occupancy there, and if they didn't, it would be under 50%. So instead of focusing on the combo platter you will be having at Javier's, could you see what you could do about breaking the news early on what bank will be taken over instead? Come on... I know food, and especially how good Javier's is, is important, but it is your duty as an IHBer to do the recon work to break the news early. Do it CK! I promise the six pack will not be short a beer like some wannabe IHBers, and no one will be passed out on your lawn while the sprinkler is going off either. Once a marine, always a marine... I have faith in you, and I know you would never let me, or IHB down.
 
[quote author="graphrix" date=1232998132][quote author="CK" date=1232772967][quote author="blackacre-seeker" date=1232771755]



CK, glad somebody is moving into that office building on Pacific, it looked like a ghost building with nobody ever going in or out and lit-up empty floors. It is shame b/c it does look great, at least from the outside, and the location is awesome.</blockquote>


I thought the same thing when they first made the announcement. But when I read TIC's press release, it said each building (20/40 Pacifica) is now at 65% occupany. That surprised me. I'm just happy that Javier's is across the street....</blockquote>


You will also be happy to know that the FDIC has a big space there and signed a huge expansion of a lease as well. That is why they have 65% occupancy there, and if they didn't, it would be under 50%. So instead of focusing on the combo platter you will be having at Javier's, could you see what you could do about breaking the news early on what bank will be taken over instead? Come on... I know food, and especially how good Javier's is, is important, but it is your duty as an IHBer to do the recon work to break the news early. Do it CK! I promise the six pack will not be short a beer like some wannabe IHBers, and no one will be passed out on your lawn while the sprinkler is going off either. Once a marine, always a marine... I have faith in you, and I know you would never let me, or IHB down.</blockquote>
I put my application in to the FDIC so keep your fingers crossed for me (right now they are only hiring from within or ex FDIC employees but that will change once they start taking over banks in bunches).
 
[quote author="graphrix" date=1232998132][quote author="CK" date=1232772967]

I thought the same thing when they first made the announcement. But when I read TIC's press release, it said each building (20/40 Pacifica) is now at 65% occupany. That surprised me. I'm just happy that Javier's is across the street....</blockquote>


You will also be happy to know that the FDIC has a big space there and signed a huge expansion of a lease as well. That is why they have 65% occupancy there, and if they didn't, it would be under 50%. So instead of focusing on the combo platter you will be having at Javier's, could you see what you could do about breaking the news early on what bank will be taken over instead? Come on... I know food, and especially how good Javier's is, is important, but it is your duty as an IHBer to do the recon work to break the news early. Do it CK! I promise the six pack will not be short a beer like some wannabe IHBers, and no one will be passed out on your lawn while the sprinkler is going off either. Once a marine, always a marine... I have faith in you, and I know you would never let me, or IHB down.</blockquote>


Right on...I'll see what I can do to entice some of those FDIC types over to Javier's for a pitcher or three or four. Once I'm done with them I'll have all the dirt for the IHB crowd. Yes, it definitely is not lost on us who our new neighbors will be, FDIC not the least of them. We'll have our name in lights up top...so every time you see our logo from the 405 I'll expect you think of ole CK, who is probably in there working tirelessly to steal secrets for the IHBers.
 
Does anyone know what the occupancy is at the newer complexes, like Calypso, are? Those places just look dead to me... and they are building another one right across from it.



Are they hoping half of Asia moves there to be near the Diamond Jamboree center?
 
The condos on Jamboree and Michelson, those are going to be finished on the outside and empty on the inside. Irvine is forcing them to finish the outside.



As far as Bren and his luxury apartments...lol he's rich for a reason. Right next door to the village/the park Bren leased 200,000 sf to the FDIC.
 
I currently live in the Calypso Apartments. I talked to the leasing office this morning actually about their occupancy. They are saying that they are only 55% occupied. They've been open for about 6 months now too. Its nice and all, everything is brand new, everything is really nice quality and the service is great. The bad part is that the apartments are horrendously expensive. They don't have a break lease clause in any of their contracts either. Kind of a pain that I'm going through now. ::shrug:: I only have 7 months left.... it could be worse.
 
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