The Anaheim Planning Commission recently approved an updated development plan for the OCVibe project—a transformative $4 billion mixed-use development centered around the Honda Center. This update reflects shifting market demands, with a focus on increasing housing availability while scaling back office space. As a result, the new plan is poised to create a more dynamic and livable community for the Platinum Triangle area. The project, spearheaded by Anaheim Real Estate Partners LLC (owned by Henry and Susan Samueli of Anaheim Ducks fame), promises to reshape the region with a blend of residential, commercial, and public amenities.
The revised plan was approved by the Anaheim City Council in October 2024, which clears the way for the next phases of construction as early as next year. For owners, developers, and construction professionals, OCVibe represents a massive opportunity to be part of one of California's largest and most ambitious urban revitalization projects.
Key Changes to the OCVibe Development Plan
The revised development plan marks a significant shift in focus, reflecting a growing demand for residential units while adjusting office space projections. Here’s a breakdown of the notable changes and implications for the construction industry:
Increased Residential Units: The updated plan allows for the construction of up to 750 additional apartments. This brings the total number of planned units to between 1,960 and 2,250, depending on the final mix of office and residential space. This adjustment responds to decreased demand for office space while addressing Anaheim's housing shortage.
Affordable Housing Commitment: The project will include between 292 and 340 affordable housing units, making it Anaheim’s largest private affordable apartment development. The affordable units will serve a range of income levels from very low to moderate income, with income guidelines based on federal criteria for Orange County.
Reduced Office Space: The original plan called for 948,250 square feet of office space. However, the revised plan decreases the total to 563,875 square feet, with options to further reduce or add office space depending on demand. The previously planned Arena Corporate Center office complex (384,000 square feet) will be replaced with residential units and retail space.
Additional Retail and Public Space: Alongside new residential units, the updated plan introduces 15,000 square feet of retail space, promoting a more community-focused and pedestrian-friendly environment. The project also plans to eliminate a previously proposed concert amphitheater in Meadow Park near the ARTIC transit hub, replacing it with additional public park space.
What the OCVibe Project Offers
The OCVibe project offers a host of opportunities. With over 100 acres dedicated to entertainment, residential, commercial, and public spaces, there is immense potential to engage in various aspects of the project, from housing construction to retail developments.
Master-Planned Communities: OCVibe’s mixed-use design provides unique opportunities for developers specializing in urban housing projects. With a projected total of up to 2,250 residential units, including substantial affordable housing, the project creates a substantial market for residential builders.
Sustainable Development: The project's focus on creating a live-work-play environment, along with enhancements in green spaces, presents opportunities for those involved in sustainable and community-centric urban development.
Long-Term Infrastructure and Office Demand: Though office space has been scaled back, OCVibe’s strategic placement around the Honda Center and ARTIC transit hub ensures that future demand for commercial office space could still grow over time, especially given the site's role in the 2028 Olympics. Developers should remain open to the potential for high-demand office projects as the region evolves.
Project Timeline and Next Steps
September 23, 2024: The Anaheim Planning Commission approved the revised OCVibe development plan.
October 2024: Anaheim City Council will review and consider the plan.
2025: Parking structures and roadwork to support the project are expected to open.
2028: The majority of the OCVibe development is scheduled for completion in time for the Los Angeles 2028 Olympics, where the Honda Center will host indoor volleyball events.
For developers and construction professionals interested in partnering on this transformative project, OCVibe presents numerous opportunities to contribute to a landmark development in one of Southern California’s fastest-growing regions.
Detailed Breakdown of Changes:
Residential Units: Up to 750 additional apartments, with a total range of 1,960 to 2,250 units.
Affordable units: Between 292 and 340 affordable apartments, accommodating very low to moderate-income households.
Office Space: A reduction in total office space from 948,250 square feet to 563,875 square feet.
Flexible office configuration with options for standalone office buildings or mixed-use buildings with office space on lower floors.
Retail and Public Space:
15,000 square feet of new retail space.
Additional park space replacing the amphitheater in Meadow Park.
The OCVibe project is poised to be a game-changer for Anaheim and beyond, offering exciting prospects for those in the construction and development industries. Keep an eye on further updates as the project progresses toward groundbreaking milestones in the years to come.
Sources: www.agc.org, www.anaheim.net, www.bls.gov, www.constructiondive.com, www.enr.com, www.hospitalitynet.org, www.latimes.com, www.thedefensepost.com, www.yahoo.com
