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Shea, Standard Pacific Nix Condo Plans

Posted: Wed Nov 15, 2006 10:24 pm
by Hanna
Shea, Standard Pacific Nix Condo Plans

By Mark Mueller - 11/14/2006
Orange County Business Journal Staff

Standard Pacific Corp. and Shea Homes, two of Orange County’s largest homebuilders, have backed out of separate plans to build a combined 615 condominiums in Irvine.

It’s the first big example of homebuilders walking away from condo projects in the Irvine Business Complex, the 2,800-acre office and industrial area near John Wayne Airport, since the housing market began slowing earlier this year.

Irvine-based Standard Pacific had planned to build five condo buildings with 444 homes at 2323 Main St. The 10-acre site is at the corner of Main Street and Von Karman Avenue and is home to shoemaker American Sporting Goods Corp., which is moving to Aliso Viejo.

Shea Homes, part of Walnut-based J.F. Shea Co., was looking to build 171 condos at its 2851 Alton Parkway project at the corner of Alton Parkway and Murphy Avenue.

Both builders stepped back from the projects in recent weeks, according to real estate sources.

The condo projects still could move ahead under different owners.

Standard Pacific no longer is under contract to buy the Main Street land. The property’s owners are said to be in talks to sell the land to someone else.

Shea’s Alton Parkway project has shifted hands to Costa Mesa-based homebuilder Warmington Group, according to sources. ... ID2=107176