Development Plans Slowing for Platinum Triangle
Two major real estate developers have indicated that they are not ready to move ahead with once-ambitious plans for development in the so-called Platinum Triangle, the 820 acres of aging industrial facilities near Angel Stadium in Anaheim. The triangle is formed by the Santa Ana (5) and Orange (57) freeways and Katella Avenue.
In 2004 the City of Anaheim approved plans for 18,900 residential units, 4.9 million square feet of commercial space and 18.3 million square feet of office buildings. Thus far, 1,600 residential units have been completed.
Now Prologis, which has an option for 18 acres in the Platinum Triangle with plans for a development it calls The Experience at Gene Autry Way -- to include 1,200 residential units and 150,000 square feet of office and industrial space -- has asked for and received a five-year extension. Originally, the firm was to pay the city a penalty of $1.5 million if it did not get the project underway by November 2012. But the extension has been granted and the fine dismissed.
Earlier, developer LNR, which plans a 12.5-acre project adjacent to Angel Stadium to be called Platinum Stadium, received approval to downsize and alter the scope of its project from 875 residential condominium units to 525 for-rent apartments and to decrease the size of a park planned for the development.