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2/14/19
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Santa Ana-based Caribou Industries has announced plans for a 1.7 msf office development at the former Orange County Register building called 625IVE, and One Broadway Plaza, within the Santa Ana Opportunity Zone. Caribou has enlisted Lee & Associates to handle leasing and to procure a joint-venture equity investor to fund the project.
625IVE will be a 20-acre, mixed-use transit-oriented redevelopment of the former Orange County Register site located at 625 N Grand Ave. This freeway adjacent, city-block redevelopment is conceived as a game-changing urban live/work/play project that will provide the region with a true urban core.
One Broadway Plaza ("The One") is the culmination of a two-decade partnership between Caribou Industries and the City of Santa Ana to transform Orange County’s urban center. The project, located at 1001 N Broadway, represents one of the most significant Class A office development opportunities on the West Coast and is Orange County’s largest shovel-ready opportunity zone site. Towering at an impressive 493 feet, this iconic landmark will be the tallest superstructure in the history of Orange County and will feature over 615k sf of office space in 37 stories.
Lee’s Jack Haley, Marshal Vogt, Matt Orville, and Jaimeson Hearne will be overseeng leasing of the development. They will be targeting tenants in size from 20k sf, all the way to a 1.7 msf campus. The project will be connected by Santa Ana’s OC Streetcar, which celebrated its recent groundbreaking on November 30, 2018.
“Opportunity Zones,” which were created as part of the Tax Cuts and Jobs Act of 2017, are a federal economic development tool aimed at improving the outcomes of distressed communities around the country. By investing in “Opportunity Zones,” investors stand to gain a temporary deferral on their capital gains taxes if they hold their investments for at least five years, and a permanent exclusion from tax on capital gains from the Opportunity Zone investments if held for 10 years.
A qualified investor will have the opportunity to provide equity for either property or an investment in both. One Broadway Plaza is the only shovel ready development project of this magnitude in an opportunity zone in Southern California.
In the last 10 years, the City of Santa Ana has been evolving into a thriving cultural and urban center paving the way for vertical urbanization and profitable opportunities in residential, retail, medical, educational, hotel and mixed-use developments, and investment. The natural beauty of Southern California and a host of world-class amenities in a walkable, vibrant setting has been steadily attracting millennials, foodies, families, and CEOs to this city’s growing live-work-play environment.
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