Anaheim may soon have a bustling retail village similar to LA Live in downtown Los Angeles.
According to the Orange County Chronicle, the city council has approved a $4 billion project by the owners of Anaheim Ducks to build apartments, a hotel, offices, shops and restaurants around the Honda Center at 2695 East Cattra Avenue.
The 95-acre project, known as OCVibe, will be developed by NFL hockey team owners Henry and Susan Samueli, whose organization manages the city-owned Honda Center and ARTIC Transit Station.
Plans call for the construction of 1,500 apartments in the new urban retail village between Highway 57 and the Santa Ana River north of Angel Stadium, including 195 units of affordable housing for low-income tenants.
OCVibe will include 750,000 square feet of offices and 80,000 square feet of retail space, including nearly three dozen restaurants and a food hall.
It will also have a 5,700-seat concert venue, two hotels with 550 rooms and 20 acres of open space, including two 5-acre parks.
The development will provide its first large-scale affordable housing and public parks in the Platinum Triangle, Angel Stadium and surrounding areas of the Honda Center. The concert venue will be the only one of its size in Orange County. 8,000 cars can be parked for free.
Construction is scheduled to begin this year and be completed by 2028 when the Honda Center hosts the Olympic volleyball games.
Bonds of up to $400 million could help cover development costs. The city’s financial institutions will issue bonds that will be repaid by the Honda Center’s revenue. City taxpayers will not be liable for any payments, according to the register.
Community benefits will include affordable housing, parks maintained by OCVibe, an on-site solar farm that generates 6 megawatts of electricity, 3,000 permanent jobs, and $6 million in annual sales, property taxes and hotels once fully constructed Tax. It may take up to 10 years.
This is the 2018 agreement between the city and Samuelis that paved the way for OCVibe.
The agreement extends Samuelis’ management contract through 2048, locks the Ducks as the hometown hockey team and renews a profit-sharing agreement with the city. Anaheim sold the 14-acre parking lot surrounding the arena to Samuelis for development and let it operate the underperforming ARTIC station.
OCVibe stands in stark contrast to the failed $320 million development deal for Angels Stadium, which was scuttled in May by a federal investigation into alleged corruption between former Anaheim Mayor Harry Sidhu and Angels owner Arte Moreno. Moreno) after the news of the negotiation is invalid.
— Dana Bartholomew