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Luxury homebuilder Toll Brothers seeks approval for 220-unit complex amid tepid market
The 4th + Main development in Orange County comes as the company has said it wants to target higher-earning millennials
Homebuilder Toll Brothers is planning a 220-unit mixed-use apartment complex in Santa Ana.
The Pennsylvania-based luxury developer wants to construct the two-building complex on a pair of neighboring parcels at 114-117 E. 5th Street, according to Urbanize. Toll Brothers is calling the Orange County development 4th + Main.
The larger of the two buildings would reach seven stories, have 12,350 square feet of ground-floor retail space, and 196 residential units. The smaller building would have the remaining 24 apartments. Architect MVE + Partners is designing the development.
Units are planned between 570 and 1,250 square feet and will be a mix of studio, one-, and two-bedroom units.
Toll Brothers mostly builds luxury single-family suburban communities, but has developed multifamily assets since the mid-2000s. The company is struggling with a tepid luxury market. Its new home orders plummeted 24 percent in the first quarter of the year.
Performance hasn’t picked up since then and in August the firm said it would develop lower-priced properties and target higher-earning millennials.
The 4th + Main project is under review by the Santa Ana Planning Commission. A staff report recommends that the commission approve the project, according to the report. [Urbanize] — Dennis Lynch