Real estate news: More condos, townhomes coming to South Cove in Dana Point

September 06, 2018

By STAFF REPORT | The Orange County Register

Zephyr, developers of South Cove in Dana Point, is starting work on Phase 4, which will bring 10 luxury condos to market.

The condos are designed in two designs: single-story Aliso flats and the multilevel Trestles townhomes.

The Aliso flats feature two- or three-bedroom floor plans. Some of the units will include so-called “sunset views” via a rooftop deck.

Prices start at $622,990 for the Trestles townhomes. The one-, two- and three-bedroom floor plans available in Phase 4 range from 883 to 1,794 square feet, with prices on the high end topping $1 million.

The Encinitas-based homebuilder said the Phase 4 homes should be ready for move-in by next spring.

One-bedroom Trestles townhomes are also part of the current release, the developer said.

The South Cove condo community opened for sales late last year at Del Obispo and PCH, next to the landmark Denny’s restaurant and across the street from Doheny State Beach. The developer said 41 homes, so far, have sold.

South Cove overall offers three styles of homes in 34 structures. The third style is Strands — multilevel homes with 2,030 square feet priced from $1.31 million.

South Cove will sell 17 of the smaller Trestles condos to lower-income buyers: one-bedroom, one-bath homes from 883 to 900 square feet. Successful applicants for the city-mandated sales will have no more than three residents and yearly income under $95,000 — depending on household size.

Zephyr said there are four iincome-qualified homes in Phase 4. For anyone interested, go to www.incomequalifieddanapoint.com for details; the lottery process will begin in 2019.

Zephyr paid $50 million in 2015 for the 9-acre site, once a mobile home park that surrounds a shopping center. South Cove also will include a surf-themed community park.

Staff columnist Jonathan Lansner contributed to this report. 

Transactions

Lee A. McCullough, vice president at Colliers International in Irvine, sold a 24,700-square-foot industrial building at 2110 S. Anne St. in Santa Ana for $5.5 million. The seller was SureFire LLC, and the buyer, Ultimate Image Printing, was represented by Ross Fippinger at CBRE.

Hanley Investment Group Real Estate Advisors has arranged the sale of the leasehold interest in Hunter Court in Lake Forest. Terms were not disclosed. The 127,360-square-foot community shopping center is anchored by CVS/pharmacy and Ross Dress For Less. Hanley Investment Group executive vice president Jeremy McChesney represented the seller, Bershon Realty Co. of Los Angeles. The buyer, Merlone Geier Partners of San Diego, represented itself.

Leases

FirstService Residential, a residential and commercial property management firm, is expanding in Irvine.

The company signed a second lease with Irvine Company in the Discovery Business Center at 15261 Laguna Canyon Road in Irvine. Terms were not disclosed.

“The necessity of additional space, mid-way through our current office space lease with the Irvine Company, is a leading indicator of the enormous growth and overall health of our organization,” Bob Cardoza, president of FirstService Residential, West Region and California, said in a statement. “This expansion of space allows us to effectively accommodate the growth of the West and Texas regions as a whole, as our Irvine headquarters also serves as the base for our regional service delivery.”

The lease into 10,600 square feet next door to FirstService’s current headquarters brings the total office space rented to 55,196 square feet. The addition will house associates who serve the company in a regional capacity – the West and Texas region shared service center.

The company also provides homebuilder and land developer consulting services and urban high-rise management.

People in real estate

Chris Walton has joined Costa Mesa-based Westar Associates as vice president of leasing, overseeing all aspects of leasing the company’s 2 million-square-foot retail portfolio. Walton will handle the leasing responsibilities of more than a dozen of Westar’s neighborhood and community centers in Orange, Riverside, Los Angeles, Santa Barbara, and San Luis Obispo counties.

Kimber Griffith has joined the Huntington Beach office of Coldwell Banker Residential Brokerage as an affiliate agent. Previously she was an agent with First Team Real Estate.

Projects outside of CA

Anaheim-based Outside the Lines, a design-build construction company that specializes in water features, has started work on a show fountain for the Renaissance at Colony Park retail development in Jackson, Miss.

The fountain features 62 nozzles that will shoot water up to 35 feet into the air as well as robotic, multi-axis nozzles, illuminated by over 200 color-changing LED lights. There is also a central fountain jet able to reach a height of 100 feet.

OTL will design and choreograph the fountain’s shows to a wide variety of music, also designing and installing a state-of-the-art audio system comprised of eight building-mounted two-way speakers, four subwoofers, and six amplifiers, offering the opportunity to easily customize shows by season or event.

Phase II of the project is expected to be complete in September 2019.

Good works

The design firm Ware Malcomb in Irvine donated its services for an interactive summer exhibit at Pretend City Children’s Museum which runs through Sept. 3, 2018. The “Dream it, Draw it, Build it” exhibit features three activity zones, each representing various aspects of the architectural design process. Zone 1: bring dreams to life with a dress-up corner and inspiration wall. Zone 2: kids use drafting tools and explore brainstorming processes. Zone 3:  three free play activities are available for kids to collaborate, experiment, and take the sketches they created in the previous zones and bring them to life. Ware Malcomb client Ganahl Lumber donated the lumber for the project.

Tune in

Jeff Lazerson’s final radio show on KLAA 830AM will feature Dr. Lynn Fisher of the American Enterprise. She’ll explain how the mortgage rate drop is tied to the Turkish Lyra plunge.

Also on the show Sunday, you’ll hear about how portfolio loans may qualify self-employed borrowers when everyone else just says no.

Lazerson, a contributing writer on mortgages for the Southern California News Group, hosts a one-hour talk show on the Angels radio station. “Mortgage Grader” airs at 10 a.m. on 830AM.

If you have a question for Lazerson’s radio show, dial in at 714-283-0830.

The real estate briefs are compiled by contributing writer Karen Levin and edited by Business Editor Samantha Gowen. Submit items to sgowen@scng.com. High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.