City of Irvine approves 1.750 rental units at Wild Rivers location (Los Olivos)

usctrojancpa

usctrojancpa

Well-known member
So it looks like the City of Irvine voted 4-0 to approve TIC's request to build 1,750 rental units where Wild Rivers sits.  They'll call the community Los Olivos.  The link to the story is pasted below:
http://lansner.ocregister.com/2011/09/16/irvine-oks-1750-rentals-at-wild-rivers/122986/

At the end of the story, it says that TIC may build an additional 1,950 rental units where the Verizon Wireless Amphitheater is located when that lease is up (2017).  :-\
 
1,750 is nothing.  The Sand Canyon corridor with 5,000 in Cypress Village, 5,000 in Woodbury, 5,000 in Stonegate, 5,000 in Portola Springs, 10,000 in Great Park, plus Woodbury East and Stonegate East and associated apartments is gonna be armageddon.
 
test said:
1,750 is nothing.  The Sand Canyon corridor with 5,000 in Cypress Village, 5,000 in Woodbury, 5,000 in Stonegate, 5,000 in Portola Springs, 10,000 in Great Park, plus Woodbury East and Stonegate East and associated apartments is gonna be armageddon.
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1750 + the village + the park and whatever they decide on for the vz amphitheater... i think you have more density in that small area.
 
With Laguna Altera not really selling, the economy sputtering along, does TIC really think there is demand for this? Who the hell are the economists that work for TIC anyways?

Don't forget the 5000 homes in the Park (not TIC), but still lots of building. I've never seen another company react opposite to what economic indicators is telling them. This all tells me we are in a for a big bubble burst and a reality check for TIC in the coming years.
 
Irvine is already too crowded. I was at the Chevron at Alton Square on Saturday, it was mayhem. It looked like the Costco Gas station. I had to wait behind two cars just to fill up. This city is definitely outgrowing its infrastructure.
 
frank69m said:
With Laguna Altera not really selling, the economy sputtering along, does TIC really think there is demand for this? Who the hell are the economists that work for TIC anyways?

Don't forget the 5000 homes in the Park (not TIC), but still lots of building. I've never seen another company react opposite to what economic indicators is telling them. This all tells me we are in a for a big bubble burst and a reality check for TIC in the coming years.
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i dont think it is demand is necessarily driving their decision, although it could be. I think right now building costs (both labor and material) are pretty cheap so they may be pulling in some apartment development to take advantage of it. If anyone can afford to let an apartment building sit empty it is TIC - you see all sorts of their commercial buildings sitting empty.
 
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qwerty said:
frank69m said:
With Laguna Altera not really selling, the economy sputtering along, does TIC really think there is demand for this? Who the hell are the economists that work for TIC anyways?

Don't forget the 5000 homes in the Park (not TIC), but still lots of building. I've never seen another company react opposite to what economic indicators is telling them. This all tells me we are in a for a big bubble burst and a reality check for TIC in the coming years.
Click to expand...

i dont think it is demand is necessarily driving their decision, although it could be. I think right now building costs (both labor and material) are pretty cheap so they may be pulling in some apartment development to take advantage of it. If anyone can afford to let an apartment building sit empty it is TIC - you see all sorts of their commercial buildings sitting empty.
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Or TIC goes by the motto of "if we build it, they will come."  haha
 
IndieDev said:
Irvine is already too crowded. I was at the Chevron at Alton Square on Saturday, it was mayhem. It looked like the Costco Gas station. I had to wait behind two cars just to fill up. This city is definitely outgrowing its infrastructure.
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That's why I go to the Shell off Main/Harvard or the one off Westpark/Barranca.  The Chevron over by the District (Barranca/Jamboree) never seems to be busy.
 
USCTrojanCPA said:
IndieDev said:
Irvine is already too crowded. I was at the Chevron at Alton Square on Saturday, it was mayhem. It looked like the Costco Gas station. I had to wait behind two cars just to fill up. This city is definitely outgrowing its infrastructure.
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That's why I go to the Shell off Main/Harvard or the one off Westpark/Barranca.  The Chevron over by the District (Barranca/Jamboree) never seems to be busy.
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The Shell by Westpark is pretty crowded sometimes.

I agree that the Chevron near the District isn't as busy, and in general that plaza isn't very busy even though it has a freaking Arby's and El Pollo Loco.
 
frank69m said:
With Laguna Altera not really selling, the economy sputtering along, does TIC really think there is demand for this? Who the hell are the economists that work for TIC anyways?

Don't forget the 5000 homes in the Park (not TIC), but still lots of building. I've never seen another company react opposite to what economic indicators is telling them. This all tells me we are in a for a big bubble burst and a reality check for TIC in the coming years.
Click to expand...

First off The Park is TIC.  I live at the village right now and almost moved over there.  These type of apartments are in high demand.

As people let their homes go back to the banks home ownership is retreating which means they have to live somewhere and its likely going to be an apartment.  At the peak of the housing boom we were 4% above the long term average of home ownership percentage and we have dropped 2% so far.  This means we have a lot more people dropping their homes for apartment to get to our national long term average.  I am not sure what the figures are for Irvine, but I am sure they are similar to national figures.  Apartment building will stay in high demand for some time.

I think the dumbest thing is saying they will replace VW with more apartments in 2017.  I could easily seeing them switch that to SFR if the housing market is normal by then which I believe it will be. 
 
frank69m said:
With Laguna Altera not really selling, the economy sputtering along, does TIC really think there is demand for this? Who the hell are the economists that work for TIC anyways?

Don't forget the 5000 homes in the Park (not TIC), but still lots of building. I've never seen another company react opposite to what economic indicators is telling them. This all tells me we are in a for a big bubble burst and a reality check for TIC in the coming years.
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You were wrong! Rents are actually up and demand is going on strong for rentals in Irvine.

The TIC company has foresight unlike most of us. It's no wonder the owner is a billionaire and continues to get richer everytime he starts a new project!

Read today's article at the OC Register to back this up:

O.C. rents jump, new complexes follow http://www.ocregister.com/articles/percent-359275-year-apartment.html
 
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