With 1,100 units, four parking structures and 40,000 square feet of commercial space, The Row at Red Hill will have the distinction of being the largest mixed-use project ever built by the nation’s most active developer once complete, according to a press release shared with Multifamily Dive.
Charleston, South Carolina-based Greystar, which ranked No. 1 this year on the National Multifamily Housing Council’s lists of top owners, managers and developers, is both the owner and operator of The Row at Red Hill.
The $650 million property opened for move-ins in Santa Ana, California, on Aug. 1. Parts of the property are still under construction, with completion expected in 2025.
Orange, California-based architect AO designed the 14.5-acre site as a set of four industrial-style buildings around a large central courtyard. Each section has its own aesthetic concept and rooftop amenity decks, said Raul Tamez, senior director of development at Greystar, in the release. Pedestrian pathways and $1.2 million in public art installations are located throughout.
The site’s retail tenants, managed through Costa Mesa, California-based Lab Holding, have not yet been announced.
Located near Irvine and Tustin, California, The Row at Red Hill is close to a variety of dining, shopping and entertainment districts such as The Marketplace in Irvine and The Lab in Costa Mesa, as well as employers at two nearby office complexes. Major commuter freeways include California State Route 55, Interstate 5 and Interstate 405.
Units range from studios to three bedrooms in size, and feature wood-style flooring, in-unit laundry and Samsung appliances. Smart home technology, high-speed WiFi, video intercoms and keyless access control are included.
Resident amenities include a two-story, 20,000-square-foot fitness and wellness club, multiple pools and spas, a resident service hub, a conference room and several clubroom spaces.
California is currently in the grip of a housing shortage, with current development falling short of the estimated 180,000 new homes per year that the state needs, according to the California Department of Housing and Community Development.
The nation’s No. 4 developer, Wood Partners, recently announced it will leave the West Coast altogether. While the developer gave no reason for the departure, California is a difficult market to build in, with high construction costs and difficult insurance parameters among the roadblocks developers face.
“It’s really hard to operate here,” Zain Jaffer, partner at Midvale, Utah-based multifamily investment firm Blue Field Capital and a California resident, told Multifamily Dive last month. “First, good luck trying to increase rents, and then your costs have just shot up like never before.”
