An agreement calling for the development of two 12-story office towers in Hutton Centre--which is expected to contain about 1.5 million square feet of office space when it is fully developed--has been unanimously approved by the City Council.
The newest addition, an estimated $90-million development, would consist of more than 500,000 square feet of office space in two buildings connected by a three-story atrium. Griffin Realty Corp. of Newport Beach will develop the property in a partnership with Home Savings of America.
Griffin President Robert Torriero said he has obtained construction financing from First Interstate Mortgage Inc. and added that ground breaking is scheduled for next month. Completion of the project's first phase--the north tower and atrium--is expected in 1987. The development could be finished within five years, depending on how fast space is leased, he added.
The project, which includes construction of a seven-level parking structure, was approved by the council during its Monday meeting.
Hutton Centre, located southeast of Main Street and MacArthur Boulevard, already contains two eight-story office towers, a 10-story building and two restaurants near a six-acre artificial lake.
Another building, the eight-story, 176-room Compri Hotel, should receive its first guests in January, said Hutton Centre project manager Savoy Bellavia.