ORANGE, CA—The multifamily project under construction here called ELEVEN10 West will attract employees from nearby Children's Hospital of Orange County and St. Joseph's Hospital, developer the Picerne Group's managing director Brad Perozzi tells GlobeSt.com. As we reported in late March, the Picerne Group, in collaboration with Rockwood Capital and the Muller Co., has formed a joint venture on a 2.76-acre site to build ELEVEN10 West, a 260-unit multifamily rental community one block from Children's Hospital of Orange County and St. Joseph Hospital. The project is expected to be completed and open for lease in summer 2017. We spoke with Perozzi about what makes the project unique and how it will attract potential tenants.
GlobeSt.com: In your opinion, what is special about the ELEVEN10 West project?
Perozzi: There are two things. First, it's a podium product, which is unique to the market. This allows us to have massive courtyards with swimming pools, a spa, indoor/outdoor dining and gaming tables. It's a really nice amenity for the project, and it makes it more resort-like.
GlobeSt.com: What are the estimated construction costs for the project?
Perozzi: We're a little tight-lipped about that, but it will be more than $70 million.
GlobeSt.com: How does its proximity to the hospitals make the project attractive to potential tenants?
Perozzi: We really look at it as more of a job story. There are thousands of jobs at Children's Hospital of Orange County. It's a preeminent hospital, as is St. Joseph's, which is right next door. It's a great location for people who work at the hospital and in the surrounding medical-office space: doctors, nurses and healthcare professionals. Those will be our renters. It's a class-A project, and it will reduce their commute time.
GlobeSt.com: What else should our readers know about this project?
Perozzi: We're very grateful to be in this city. They repurposed the general plan and came up with a mixed-use designation to allow for apartments near jobs. It's walkable to great restaurants, there's an office building nearby, and there's a retail center on the other side of it. We couldn't be more pleased with the location.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
