Blackwood's Mixed-Use Development One Of The Largest In Placentia In Decades
Blackwood Real Estate partner Gilad Ganish says the name of his company’s massive mixed-use development in Placentia is fitting — Centerpointe.
Tucked in the 500 block of West Crowther Avenue, the proposed 418-unit apartment with ground-floor commercial retail project sits within a five- to six-mile radius of Disneyland, Angel Stadium, California State University Fullerton, downtown Fullerton, Brea Mall, Yorba Linda and plenty of breweries, he said.
“It’s a great location with amazing visibility,” Ganish said. “It’s a good project for people who want to live closer to where they work or be surrounded with a lot of activities.”
Ganish will be discussing the future of Placentia at Bisnow's Neighborhood Series: Anaheim, Placentia and Santa Ana May 31.
Unlike some of its popular North Orange County neighbors, such as Anaheim, Fullerton and Brea, Placentia, with a population of 50,000 residents, is not known as a destination or tourist city.
But a new Metrolink station may change that, Ganish said.
The Orange County Transportation Authority is building a new $35M Metrolink station and parking structure in the downtown area of the city. Placentia will pitch in about $5M for the development.
Placentia’s station will be the first to be built on the Union Station rail line in at least a decade. The metro will run from Los Angeles Union Station to downtown Riverside. OCTA began taking construction bids this month.
“We are excited for the prospect of having the station serve as the catalyst for making Old Town Placentia a destination while serving regional transportation needs in the North Orange County area,” City Administrator Damien Arrula said upon the passage of the project in 2016.
Since the approval, the city has rezoned 28 acres adjacent to the station that hold a mix of industrial and warehouse properties.
The Packing House Transit-Oriented District in Old Town Placentia promotes mixed-use higher density residential projects and more pedestrian-friendly streetscape, such as bike lanes, wider sidewalks and decorative crosswalks. City officials said the new developments could add $1.5M in sustainable revenue to the general fund and $15M in development fees.
Newport Beach-based Integral Communities and Lyon Living’s 215-unit multifamily project was the first development to be approved in the new district.
Last year, Blackwood purchased seven parcels totaling a little more than 5 acres from five different owners for the Centerpointe project. Ganish did not disclose the purchase prices.
Placentia City Council on May 15 approved to consolidate the properties into one property and the demolition of the existing industrial buildings for the construction of the five-story mixed-use development.
Centerpointe will feature a 418-unit mix of studio, one-bedroom and two-bedroom apartments above 10,553 SF of ground-floor retail space. It will also have a seven-story parking structure.
Ganish said the project’s amenities would feature smart home technology in the units, oversized package delivery area, a clubhouse, gym, pool, a bike garage, dog park, business center and a sky deck that has indoor space with multimedia and outdoor space with a fire pit, television and kitchen that will offer views of Disneyland’s nightly fireworks show.
With a new Metrolink station, the city’s new transit-oriented district and being in the middle of so many other high-profile places and activities, Placentia has a lot of potential to be a destination city to live, work and play, Ganish said.
“We’re capturing everything,” Ganish said. “We are in the center of all these happening places. You can take the transit line to work, come home and take a quick Uber ride to a lot of places.”
Hear more about what is driving growth in Placentia at Bisnow's Neighborhood Series: Future of Anaheim, Placentia and Santa Ana May 31 at the Anaheim Marriott.
