Author Topic: Great Park Retail  (Read 5137 times)

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Offline Since89

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Great Park Retail
« on: January 07, 2019, 02:31:17 PM »
Hey guys,

I stumbled upon this forum recently, and it's been a great resource for me. I've been an Irvine resident since 1989 - moved around the state a few times, but have eventually found my way back here.

I'm looking to buy a home in the GP area (currently rent in Beacon Park), as I want to lock-in some of that pre-GP Retail Center value. Anyone know anything about the timeline of completion or how you think the home prices will move afterwards? Common sense tell me prices will increase. If someone here has purchased a home in an area before a retail center and has seen their home price change after the build, I would love to hear about it.


Offline Irvinecommuter

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Re: Great Park Retail
« Reply #1 on: January 07, 2019, 02:36:30 PM »
I think all homes in Irvine will generally go up...GP included.  Question is whether such appreciation is better, equal to, or lower than other comparable areas. 

Historically, I think PP has not appreciated as well as Stonegate or EW but that's just on my fuzzy memory.  Not sure about BP.

We recently spent some time in the parks in BP and I have to say that the amenities are nice but the lay out is just weird....feels like you are on the edge of the frontier.

I also worry about noise and light pollution.

Offline Mety

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Re: Great Park Retail
« Reply #2 on: January 07, 2019, 03:06:25 PM »
The consensus (of my understanding) is there will never be retails in GP for at least another decade.  >:D

Offline Irvinecommuter

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Re: Great Park Retail
« Reply #3 on: January 07, 2019, 03:11:15 PM »
The consensus (of my understanding) is there will never be retails in GP for at least another decade.  >:D

There are plans for at least one hotel/commercial area and the water park is coming in 2020.   Orange County already released its plans.

https://www.ocregister.com/2016/11/05/oc-releases-plan-for-irvine-condo-retail-development-in-great-park-that-could-earn-4-billion/

Five Points have zones mapped out for commercial property.

https://www.fivepoint.com/elements/commercial.html

https://www.ocbj.com/news/2017/nov/08/five-point-sells-more-land-homes-plots-retail/

Offline Mety

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Re: Great Park Retail
« Reply #4 on: January 07, 2019, 03:15:36 PM »
The consensus (of my understanding) is there will never be retails in GP for at least another decade.  >:D

There are plans for at least one hotel/commercial area and the water park is coming in 2020.   Orange County already released its plans.

https://www.ocregister.com/2016/11/05/oc-releases-plan-for-irvine-condo-retail-development-in-great-park-that-could-earn-4-billion/

Five Points have zones mapped out for commercial property.

https://www.fivepoint.com/elements/commercial.html

https://www.ocbj.com/news/2017/nov/08/five-point-sells-more-land-homes-plots-retail/

So those articles are from 2016 and 2017 but we still have not seen anything being done? Yeah, I will add another decade.






Offline Cares

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Re: Great Park Retail
« Reply #5 on: January 07, 2019, 03:25:00 PM »
From November 2018 - http://legacy.cityofirvine.org/civica/filebank/blobdload.asp?BlobID=30440

Quote
District 1 South (Located south of Great Park Boulevard, north of Wolfpack, east of Ridge Valley and west of the Orange County Great Park): FivePoint is refining a discretionary application for 586 residential units, a 162-room hotel, and 506,270 square feet of non-residential development (i.e., retail, office, and R&D).

Offline akkord

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Re: Great Park Retail
« Reply #6 on: January 07, 2019, 03:28:06 PM »
The consensus (of my understanding) is there will never be retails in GP for at least another decade.  >:D

I'd take you on that bet, retail (built by any builder/company) will be up by 2029 somewhere in GP.  Dinner at Mastros?   ;D

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Offline Mety

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Re: Great Park Retail
« Reply #7 on: January 07, 2019, 03:29:01 PM »
I mean look how fast those buildings at 133/405/5 intersection near Laguna Altura and Quail Hill are getting built. Are those office spaces?

Anyways, all talk for GP retails so far, haven't seen progress in person yet.



Offline Cares

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Re: Great Park Retail
« Reply #8 on: January 07, 2019, 03:29:25 PM »
The consensus (of my understanding) is there will never be retails in GP for at least another decade.  >:D

I'd take you on that bet, retail (built by any builder/company) will be up by 2029 somewhere in GP.  Dinner at Mastros?   ;D

I want in on this action. I'll just ask for a boba!

Offline Mety

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Re: Great Park Retail
« Reply #9 on: January 07, 2019, 03:42:36 PM »
I think all homes in Irvine will generally go up...GP included.  Question is whether such appreciation is better, equal to, or lower than other comparable areas. 

Historically, I think PP has not appreciated as well as Stonegate or EW but that's just on my fuzzy memory.  Not sure about BP.

We recently spent some time in the parks in BP and I have to say that the amenities are nice but the lay out is just weird....feels like you are on the edge of the frontier.

I also worry about noise and light pollution.

I actually thought kinda similar about the layout. I visited one of those GP parks since I thought it was all cool and hip, but I didn't like it much for they seemed to lack a little bit of greenery. I liked PS or WB amenities more. But it's just my opinion. Some people might've loved GP ones.

Appreciation wise, I also think Stongate and Eastwood are more assuring choices, not necessarily guaranteeing a better life quality though.


 

Offline Irvinecommuter

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Re: Great Park Retail
« Reply #10 on: January 07, 2019, 04:17:57 PM »
I think all homes in Irvine will generally go up...GP included.  Question is whether such appreciation is better, equal to, or lower than other comparable areas. 

Historically, I think PP has not appreciated as well as Stonegate or EW but that's just on my fuzzy memory.  Not sure about BP.

We recently spent some time in the parks in BP and I have to say that the amenities are nice but the lay out is just weird....feels like you are on the edge of the frontier.

I also worry about noise and light pollution.

I actually thought kinda similar about the layout. I visited one of those GP parks since I thought it was all cool and hip, but I didn't like it much for they seemed to lack a little bit of greenery. I liked PS or WB amenities more. But it's just my opinion. Some people might've loved GP ones.

Appreciation wise, I also think Stongate and Eastwood are more assuring choices, not necessarily guaranteeing a better life quality though.



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Offline Since89

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Re: Great Park Retail
« Reply #11 on: January 08, 2019, 12:31:36 AM »
I think all homes in Irvine will generally go up...GP included.  Question is whether such appreciation is better, equal to, or lower than other comparable areas. 

Historically, I think PP has not appreciated as well as Stonegate or EW but that's just on my fuzzy memory.  Not sure about BP.

We recently spent some time in the parks in BP and I have to say that the amenities are nice but the lay out is just weird....feels like you are on the edge of the frontier.

I also worry about noise and light pollution.

I actually thought kinda similar about the layout. I visited one of those GP parks since I thought it was all cool and hip, but I didn't like it much for they seemed to lack a little bit of greenery. I liked PS or WB amenities more. But it's just my opinion. Some people might've loved GP ones.

Appreciation wise, I also think Stongate and Eastwood are more assuring choices, not necessarily guaranteeing a better life quality though.


 

Interesting - do you say SG and EV are stronger choices due to their proximity to the WB shopping center? I would argue that the GP homes are just as close plus they sit along the 133 and you can backdoor it to the 5 via Marine Way. Or is it more about the home layouts? There’s some funky floor plans in GP which may exclude multi-gen families (we’ve had to cut out some places that had 3 stories).

The Sales Manager at Cadence Park told me there’s plans for a fitness chain + a few restaurant chains in the CP area over the next 12-18 months - not sure if she was pulling MY chain but it would make sense to have something in that area so the Pavilion Park peeps have some options as well. If that is the case, I can see CP getting a quick boost in value.

If GP retail included a Target and Whole Foods I can only imagine the insanity that would ensue.

Offline irvinehomeowner

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Re: Great Park Retail
« Reply #12 on: January 08, 2019, 07:27:59 AM »
I actually don't think a retail center will impact home values all that much.

Look at Tustin Legacy (where is qwertustin?). That's a prime retail center but I don't think Greenwood is trading similarly to Irvine (R2D can correct me if I'm wrong).

While a walking distance retail center would be nice for GP, 5P knows that most people drive to retail and that it's more important to have nice parks and schools close by.

I'm with Mety that I think it's a long way away... but maybe not 10 years. And 5P could easily ramp up a retail center if they wanted to.
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Offline akkord

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Re: Great Park Retail
« Reply #13 on: January 08, 2019, 07:31:45 AM »
@OP There has been another huge thread on housing analysis if you want to read through it, some believe market will be down in 2019, others believe it will be flat or slightly up.  If you plan to buy for the long term, anywhere in Irvine should be fine IMO. If you want short term appreciation (2 years or so and want out of the home to make a buck), you probably missed the boat in any new build or resale for it to appreciate a ton. 

I think all homes in Irvine will generally go up...GP included.  Question is whether such appreciation is better, equal to, or lower than other comparable areas. 

Historically, I think PP has not appreciated as well as Stonegate or EW but that's just on my fuzzy memory.  Not sure about BP.

We recently spent some time in the parks in BP and I have to say that the amenities are nice but the lay out is just weird....feels like you are on the edge of the frontier.

I also worry about noise and light pollution.

I actually thought kinda similar about the layout. I visited one of those GP parks since I thought it was all cool and hip, but I didn't like it much for they seemed to lack a little bit of greenery. I liked PS or WB amenities more. But it's just my opinion. Some people might've loved GP ones.

Appreciation wise, I also think Stongate and Eastwood are more assuring choices, not necessarily guaranteeing a better life quality though.

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Offline bones

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Re: Great Park Retail
« Reply #14 on: January 08, 2019, 07:41:36 AM »
I doubt a Whole Foods will go in the GP. FCBs don’t shop there. 
I could see one of those smaller targets though.

 

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