From the January issue: It’s not all about the Mouse Ears in Anaheim. The constant expansion in and around Disneyland notwithstanding, there is plenty of development in the works — both in the city’s former industrial base, known as the Platinum Triangle, and in its long-neglected historic downtown, now dubbed CtrCity.
The building boom stems from a 2004 rezoning of the area to allow for increased density and more residential development. Experts say that while the rezoning went into effect immediately, the 2008 financial crisis substantially delayed the impact because Anaheim was slow to recover.
The Platinum Triangle is a sprawling 820-acre area to the east of the Disneyland Resort, located between the Santa Ana River and Interstate 5. City planners hope to transform this sparsely populated low-rise commercial corridor into a dense, urban setting with multifamily housing and mixed-use projects. Currently, Platinum Triangle projects worth $4.5 billion are under construction, according to city spokesperson Mike Lyster.
The rezoning also prompted developers to invest in CtrCity, which is located about one mile north. More than 2,000 townhomes, condos and apartments were added in the past decade to CtrCity, where the population has increased by 50,000. Over 4 million square feet of multifamily homes is currently under development, according to CoStar.