Eastwood Village (Planning Area 5B) coming 2017

Why is TIC dragging their feet on starting construction on this neighborhood? Instead they are building apartments across from CV.

 
TIC is moving in the direction of Apartments and offices, instead of being builders and developers. I talked to an executive a few years back and he was saying how they don't have too much land left, so they are trying shift into more of an asset management company.

Hence why they bought tons of apartments/offices in San Diego and other cities as well. That in essence is their long term strategy and will dictate their future success. Looks like they have done a good job transitioning though. Its funny, when I lived in San Diego, I saw TIC signs/buildings everywhere!
 
http://www.bloomberg.com/news/artic...e-bren-is-secret-owner-of-nyc-s-metlife-tower

(Bloomberg) -- The owner of the MetLife Building, one of Manhattan?s most well-known skyscrapers, isn?t who most people think.
California billionaire Donald Bren?s Irvine Co. has built a 97.3 percent ownership stake in the 58-story tower in the past decade, said Dan Young, an executive vice president at the closely held company. While Tishman Speyer is still the managing partner of the property, which it acquired in 2005 for $1.79 billion and features on its website, the company?s stake in the MetLife Building has been whittled to less than 3 percent.

 
Irvinian81 said:
Why is TIC dragging their feet on starting construction on this neighborhood? Instead they are building apartments across from CV.
Click to expand...

Eastwood Village is going forward as TIC had planned, probably sometime in the summer or fall of 2015.  TIC certainly wants to see the near completion of Cypress Village and Stonegate before opening this new development and from the amount of construction going on at Eastwood Village site, it does look like it will be ready sometime this year. 

Regarding to apartments, from most of stuff I've read, multiple family rental properties are booming among builders not just TIC due to a trend of decrease in first time home buyers and increase in renting instead of buying among millennials.  TIC will continue to built more apartment since there's high demand for it. 
 
lnc said:
Irvinian81 said:
Why is TIC dragging their feet on starting construction on this neighborhood? Instead they are building apartments across from CV.
Click to expand...

Eastwood Village is going forward as TIC had planned, probably sometime in the summer or fall of 2015.  TIC certainly wants to see the near completion of Cypress Village and Stonegate before opening this new development and from the amount of construction going on at Eastwood Village site, it does look like it will be ready sometime this year. 

Regarding to apartments, from most of stuff I've read, multiple family rental properties are booming among builders not just TIC due to a trend of decrease in first time home buyers and increase in renting instead of buying among millennials.  TIC will continue to built more apartment since there's high demand for it. 
Click to expand...

Do we know who's building the various tracts in Eastwood?  Will be interesting to see how TIC divvies it up.  Attached/low end stuff for IPac and sell off the larger home projects?  Or will it be an exclusive IPAC village?
 
I just read that the school will be built first, and residential occupation won't begin until September 2017.  If that's really true, I won't be waiting around to buy there.
 
Where did you hear that from? It's disappointing if the wait is for another 2 years.

It doesn't surprise me with the rate the current construction is going.
 
It was in a report titled "Draft Initial Study and Mitigated Negative Declaration for planning area 5B elementary school" dated Feb 2015.  It's a long report but look for section 2.2 where it briefly discusses the development.

I hope I'm wrong, but that's what it seems to be saying.
 
Zenyatta1 said:
I just read that the school will be built first, and residential occupation won't begin until September 2017.  If that's really true, I won't be waiting around to buy there.
Click to expand...

Not surprised. There will be a lot of inventory out there with PS,CV,OH,HC and both marine bases. If the market isn't right in 2017, who knows when these home will be built as TIC will just sit on the land until the market is high again.
 
great, that's just going to make traffic on jeffrey even worse in the morning. already takes forever with all the stoplights getting from north irvine to south irvine.

how come they aren't building more shopping centers?? we need a target closer by
 
That has been known for a few years.
http://www.canyoncreekhoa.com/news/hinesnursery/20130317_Planning_Area_5B_Facts.pdf

When I moved to Canyon Creek over 20 years ago, I knew that area wasn't going to remain agriculture.

Irvine and Jeffrey is 5 miles from the Target on Culver/Barranca and less than 3 miles from the Target in the Irvine Marketplace.

Pavilion Park is only 5 miles from the Foothill Ranch Target and 4 miles from the Spectrum. Portola Springs is even closer to the Foothill Ranch Target.

Seems like Target is not that far from that area.

 
If the current real estate market continues to firm, they will build the homes sooner rather than later.  Builders, including TIC, have a pulse on the market and they do not want to leave money on the table.  My guess is that the first models open up in Eastwood late 2015/early 2016 with the first move-ins in mid 2016.
 
I'm just glad he's posting all this info, I'm assuming that the high school is Northwood, unlike Stonegate, which I just learned from the reps that it'll be the new Portola once it's open (not for how good the schools are, but more for lazy parents like myself, lol)
 
thelandofnoland said:
So here's some information that I have...

It will not open until 2017.
IC will be building south to north like Stonegate.

Tract 17849: 156 units
Tract 17850: 157 units
Tract 17851: 106 units
Tract 17854: 134 SFRs
Tract 17855: 169 residential lots
Tract 17859: 88 detached condominiums (same product as 17860)
Tract 17860: 71 detached condominiums (same product as 17859)
Tract 17861: 45 detached condominiums and 142 attached condominiums
Click to expand...

Are the 169 residential lots intended for SFRs not built by IP?
 
eastwood_zpshkesocpn.jpg


eastwood2_zpsk0zarkbc.jpg


eastwood3_zps9n8funil.jpg


eastwood4_zpssfp33awj.jpg


eastwood5_zpsvhwjzc2x.jpg


Planning commission is this week.  Here's the current link to the pdf:

http://www.irvinequickrecords.com/sirepub/view.aspx?cabinet=published_meetings&fileid=16320800

The four tracts I mentioned above are the single family residences.  They surround the school and all have the loop style streets with no CDS.  The size of these homes seems like a Strada or Jasmine.  I'll probably pass on this first phase and wait for lot 7.

17859 and 17860 looks like traditional single family homes and not detached condos as mentioned by landofnoland in a previous post.
 
You must log in or register to reply here.
Back
Top