Intracorp, one of the largest multifamily developers in the country, has started construction on a five-story, 178-unit apartment complex in a newly densified patch of Irvine in Orange County.
Intracorp develops properties in California, Washington, Texas, and British Columbia, among other markets. It has completed three apartment developments in Irvine since 2019, and broke ground on the new project last week, with an expected completion date of 2023.
Brad Perozzi, president of the developer’s Southern California division, credited the busy slate to a “boots-on-the-ground approach that enables us to move quickly on projects.”
The latest is going up at 2055 Main Street, in the heart of a 2,700-acre former industrial area now called the Irvine Business Complex. The area’s redevelopment into a major residential and office hub with retail and other amenities has been in the works for the past decade.
The trend helped tip the city of 300,000 or so to majority-renter status a few years ago, with the Irvine Business Complex blossoming into an increasingly upscale residential center between the campus of the University of California at Irvine and John Wayne Airport.
City officials have capped residential development in the area at about 17,000 units. They have approved projects accounting for the entire allotment in the area, including Intracorp’s project–a 2.2-acre complex that will feature a rooftop deck, “expansive LED wall,” amphitheater, barbecue area and other amenities.
Intracorp bought the site through an LLC for $13 million in June of 2019, records show. The seller was LBA Realty, an Irvine-based real estate investment company with properties throughout California and the west. LBA also sold the property through an LLC.