ANAHEIM – Construction begins Thursday on a 400-unit luxury apartment complex near Angel Stadium, the second project to mark a revival of Anaheim’s stalled Platinum Triangle residential and commercial development.
Known as Jefferson Platinum Triangle, the $119 million complex will feature club rooms, pools, outdoor kitchens, gyms, a media room, a wine bar and a dog park near Katella Avenue and State College Boulevard, according to developer JPI/TDI Companies.
Monthly rents will range from $1,815 for a 590-square-foot studio apartment up to $2,749 for a 1,377-square-foot, three-bedroom unit.
JPI/TDI Companies purchased the 7.6-acre plot of land for $24million from BEX Portfolio in December.
“The community will offer unparalleled amenities to its residents,” Heidi Mather, a senior vice-president for JPI, said in a written statement.
The 820-acre Platinum Triangle development plan was approved in 2004 to include a mix of shops, offices, eateries and condominiums. While some of those projects were built, the recession brought much of the ambitious plan to a halt.
Construction slowly returned last year when the Wolff Co. purchased a swath of land from Shopoff Realty near Katella Avenue and Lewis Street and started building a 399-unit apartment complex known as Platinum Gateway. Later this year, the developer plans to start work on a 389-unit complex dubbed Platinum Vista, located on the site of the former Mr. Stox restaurant.
Separately, Lennar Corp. scaled down its plans in December 2013 for A-Town, the largest piece of development within the Platinum Triangle with 1,400 to 1,742 condominiums and apartments, along with up to 50,000 square feet of shopping and retail space spanning 43.1 acres. Those stats represent nearly half the housing A-Town originally called for and a third of the retail.
Work on the phased project could begin later this year and be fully developed within a decade.
“It was important for the city of Anaheim to offer land owners the freedom to develop their land to match their vision and meet market demands,” Mayor Tom Tait said. “The Platinum Triangle was planned with mixed-use options, and as the economy continues to improve we will see the vision of the Platinum Triangle fully realized.”