Intracorp poised to build duplexes and homes in Tustin

Intracorp Homes will raze two office buildings to build 40 homes in Tustin.

The Vancouver-based developer will soon begin to bulldoze the two-story buildings to build 18 duplexes and four single-family homes at 17802 and17842 Irvine Boulevard, the Orange County Register reported.

Plans call for homes on either side of 2,000 square feet, with two-car garages, four bathrooms and up to four bedrooms. The gray, three-story homes will have either a rooftop deck or an enclosed patio, plus 10 guest parking spots.

A partnership between Intracorp and financier Resmark Companies of Westwood is expected to begin sales late this year, with move-ins next year. No pricing information was available.

The yet-to-be-named community across from Columbus Tustin Park will include two residences set aside as affordable for lower-income buyers.

By adding to the compatibility with homes nearby, the new development will not only align with the city’s housing goals, but also diversify the type of homes in the area, Brad Perozzi, Intracorp Southern California president, told the Register.

Tustin Mayor Austin Lumbard hopes the project will add life to the neighborhood. 

“Redevelopment of this site not only provides additional housing to the region, but also activates and enhances the project area,” he said.

Intracorp previously had its Vintage at Old Town Tustin project of 140 homes at Sixth and B streets in Downtown approved for development. It then sold the project to Arizona-based Taylor Morrison for construction and sale. The development now appears sold out, according to its website.

In Orange County, 551 new homes sold in the three months ending in February, down 3 percent in a year. Builders’ share of all home sales was 11.7 percent compared to 7.5 percent a year ago, according to the Register. 

In the six-county Southern California region, builders sold 4,944 homes during the same period, down 24 percent from the previous year. The share of new home sales was 11.2 percent of the total residential market, compared to 8.4 percent a year ago.

Intracorp, among the largest multifamily developers in North America, has offices in Vancouver, Seattle, Austin and Newport Beach. In October 2021, it began construction on a five-story, 178-unit apartment complex in Irvine. In December 2021, it sold a 290-unit apartment complex in Fullerton for $168 million, which set an Orange County record of $579,310 per unit. In May, Intracorp linked up with Newport Beach-based IHP Capital Partners with plans to build 33 single-family homes in Arcadia. 

— Dana Bartholomew