Depot Walk units to go on the market
Tuesday, August 14th, 2007
Size: 1,319 to 1,968 square feet
Price: Starting in the mid-$600,000s
Features: Attached two-car garage, private decks, solar panels, three blocks from Metrolink station, half-mile from Orange Plaza.
ORANGE - Units in the Depot Walk, a new residential development meant to capture the city’s historic industrial feel, go on sale later this month.
At one time the developer, the Olson Co., submitted plans for a 40-unit loft project, but it was modified to a different building style with 32 units.
“It was outrageous,” said Jeff Frankel, chairman of the Old Towne Preservation Association, a residents’ group that monitors all projects within the Old Towne district. “The plan was way too big and way too dense.”
After the Olson Co. met with city officials, the preservation association and others in the community, the project was scaled down from three-story units to two-story units with a mezzanine, said Kimberly Prijatel, an Olson vice president.
Three-story structures are not allowed in basic residential zones, according to Old Towne design standards.
“Olson Co. came up with a new plan that would be a compromise with the city, OTPA and local residents,” Prijatel said. “We implemented everything we could in the designs. It’s difficult when it’s a historical area.”
The preservation association is still unhappy with the Olson Co.’s final designs for the new townhomes off Maple Avenue, contending they are too high and don’t blend with the historic, industrial atmosphere of Old Towne.
“We weren’t happy with the final outcome,” Frankel said. “The district is very unique and we want to make sure it doesn’t lose its identity.”
But the city approved the plans in November 2005.
With city approval, the location was rezoned from industrial to multifamily residential, said Alice Angus, Orange’s director of community development.
Construction is expected to be completed by Labor Day weekend.
Twenty-seven units will be put on the market Aug. 25 and starting at about $650,000. The price tag for the five other units, for moderate-income residents, has yet to be determined.
Townhomes draw eager buyers; Founders Walk in Buena Park selling fast at $100,000 below the median price.
Friday, May 12th, 2006
By ERIN UY
WESTSIDE WEEKLY
It took some patience, but David Lim finally scored his first home.
The high cost of living in Orange County can discourage homebuyers, so when Lim found a townhouse in Buena Park selling for about $100,000 less than the county’s median home price, he knew he had to snag it.
The Olson Co., based in Seal Beach, has attracted eager buyers in the last few months with its multi-phase sales. Saturday, pre-qualified homebuyers lined up for the sale of 19 townhouses it released for its Founders Walk community.
Lim, 30, was among the lucky, signing on a two-bedroom townhouse with a deck. Although the home is relatively affordable, he plans to have roommates to help pay his mortgage.
The $90 million development recycles a former industrial site and borders a new Metrolink station, which is expected to be completed by early 2007. The price is relatively affordable by Orange County standards - in the mid-$500,000 range - and the two- and three-bedroom town homes have the benefit of being near public transportation.
The median home price in Orange County is about $623,000, and any homes sold below that price will attract a large pool of buyers, said Marlon Fenton, managing director for the Olson Co.
Last month, more than 200 potential homebuyers lined up to score one of nine town homes in Founders Walk. Some who didn’t make that cut were put on a waiting list.
That worked out for Jena and Aneesh Mehta who showed up in March when Olson released its first nine homes. They missed their chance that morning, but received a call about a month later, offering them a three-bedroom townhouse for $545,990.
“It’s really exciting,” said Jena Mehta, 39. “It’s a nice city to live in.”
More residents and new development are good signs for Buena Park, which is evaluating both its commercial and residential areas, said Jay Saltzberg, Buena Park’s planning manager.
A new housing development would help do both. Buena Park is about 50 years old and the city looks to take steps toward modernization. “The council is very interested in modernizing the city with innovative, interesting things and attracting redevelopment and revitalization,” he said.
The Olson Co. has projects in the works in various northern Orange County cities.
SOCO Walk, for example, is an Olson community of town homes and lofts in Fullerton being constructed near the city’s transportation center. The homes, slated to open in September, sit above office space and retail.
In Old Towne Orange, Depot Walk, planned for a 2007 completion, will include urban-edge lofts. Business owners could buy live-work components, which are residences directly above their shops. About 20 percent of the homes will be affordable housing.
Founders Walk’s proximity to Metrolink and other amenities may entice future development, Fenton said.
Via Metrolink, a trip to Union Station in Los Angeles is a 32-minute ride and a shopping trip to downtown Fullerton takes about four minutes. A car trip to downtown Buena Park and the city’s entertainment zone is a short drive.
“We see a tremendous amount of opportunity in Buena Park,” Fenton said. “We are very interested in continuing our efforts there.”
“The council is very interested in modernizing the city with innovative, interesting things and attracting redevelopment and revitalization.”
Jay Saltzberg,
Buena Park planning manager