Koll Project Could Create 17,000 Jobs : Impact: Bolsa Chica construction also could pump $1.25 billion into the O.C. economy, a study says.

A controversial plan to build thousands of homes on environmentally sensitive wetlands near Huntington Beach could generate enough work for nearly 17,000 people and stimulate the Orange County economy by an estimated $1.25 billion, according to a study released Monday by the project’s developer.

During the 13 years it would take to construct nearly 5,000 houses and a wetlands preserve in the Bolsa Chica wetlands project, an estimated $2 billion would be infused into the Southern California economy, making it the biggest potential economic booster in this area after the proposed Disneyland expansion project, according to the 41-page study.

“Projects such as Bolsa Chica have the potential to be powerful economic engines for the region,” said Jack Rodman, managing partner with Kenneth Leventhal & Co. in Los Angeles, which directed the study.

The Bolsa Chica proposal calls for converting an existing oil field into a 1,100-acre wetlands preserve, a 106-acre park and 4,884 single-family homes and attached housing on 400 acres.

An environmental impact report on the project is expected to be released by the county at the end of this month. Several environmental groups have vehemently opposed any development of the site.

Paid for by the Koll Real Estate Group Inc. in Newport Beach, which is developing Bolsa Chica, the study found the housing project would create about 800 jobs in the scientific community, which would be involved in preserving the wetlands, and about 16,000 construction, manufacturing, retail and other jobs.

“It sounds like a lot of jobs for something like that,” said John Karevoll, publisher of Southern California Real Estate Observer newsletter in Running Springs, near Big Bear.

However, the job numbers seemed right on track to Jeff Meyers, president of Meyers Group, a real estate consulting group in Newport Beach.

“I think 17,000 jobs is realistic. There’s no question about it,” said Meyers, adding that the conversion and cleanup of an existing oil site will create a substantial number of jobs.

In addition, the study, which based its economic projections on a planning model developed by USC, predicts the project would provide enough economic benefit to support work for 4,240 permanent jobs once Bolsa Chica is constructed.

The study based its job projections on data from the Construction Industry Research Board, which has determined that about 26 new jobs are created for every $1 million spent on residential construction.

Disney officials have funded studies that suggest its proposed $3-billion Disney Resort park expansion is expected to create up to 28,000 jobs and $90 million in annual revenues for California by the year 2008.