Construction to Begin Today for Offices at Upper Bay

Developers of the 64.2-acre Bayview Commercial Center overlooking Upper Newport Bay will break ground today for construction of twin six-story office buildings that will anchor a planned $220-million office, commercial, hotel and residential complex.

Downey Savings & Loan Assn. and J.M. Peters Co. are developing the Bayview project as a joint venture, and each will use one of the twin office buildings as its headquarters.

Downey Savings, which sold its Costa Mesa headquarters building last year, is one of the largest S&Ls; in the state with $2.3 billion in assets. Through its DSL Co. subsidiary, it has been involved in direct real estate development and commercial and residential development partnerships for several years and has become one of the largest owners of shopping centers in California and Arizona.

Peters, a longtime real estate developer recently purchased by Southmark Co. of Dallas, will build 145 single-family homes and 88 condominiums as part of the project.

The Bayview complex will occupy a vacant parcel in an unincorporated area of Orange County at Bristol Street and Jamboree Road. It will include an 8- to 12-story hotel, stores, restaurants, a health club, a five-story parking structure and a two-acre park area with bicycle and equestrian trails.