The pair of 15-story towers will rise inside Park Place, the sprawling campus-style commercial project on the western side of the San Diego (405) Freeway at Jamboree Road. All of the nearly 2 million sf in the complex today is dedicated to office and retail use.
Dallas-based Trammell Crow currently plans on renting out the 360 housing units, says managing director William Lane. But the company could eventually decide to offer them as for-sale condominiums if market conditions change or simply sell the parcel it owns to another multifamily developer, Lane says.
On paper, at least, it would seem that any type of residential development in the area would be a success. Apartment vacancy rates across Orange County have hovered in the 3%-range for the past few years and rents have soared, according to a recent report by Marcus & Millichap, as construction has failed to keep up with the area's growing workforce.
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