A Chinese developer is planning a nearly $500 million residential, hotel and retail complex next to Angel Stadium in Anaheim, a potential anchor for a future downtown area.
Plans call for a mega-development complete with a 28-story condo tower, a 26-story hotel, a theater, alfresco dining and an indoor surfing park. The Anaheim project — planned on 14 acres at the corner of State College Boulevard and Orangewood Avenue — is part of a wave of Asian investment in large-scale Southern California developments.
Anaheim unveiled plans for the so-called Platinum Triangle more than a decade ago, pitching the neighborhood as a downtown for all of Orange County, according to The Los Angeles Times Monday.
But the developer — LT Global Investment Inc., a U.S. subsidiary of Beijing’s LT Commercial Real Estate — must still cut a deal with the Angels and the city to secure the needed parking for such a large development, The Times reported. Adding another layer of uncertainty, the Angels have explored moving elsewhere as negotiations with Anaheim over stadium renovations have stalled.
The original vision for the area called for an urban village filled with high-rise buildings, lofts, shops and restaurants. But the recession sidelined grand visions for the 820-acre swath, and recent projects have been less ambitious, according to The Times.
But with the commercial real estate market heating up, once-stalled developments such as the Platinum Triangle are getting new lives, often fueled by investments from China.
In downtown Los Angeles, Shanghai-based Greenland Group is building a huge condo and hotel development, known as Metropolis, the newspaper reported. And China’s Oceanwide Real Estate Group recently broke ground on a three-tower residential, retail and hotel complex across from Staples Center.
—City News Service