Developers Building Up Momentum : Construction: It’s no ‘80s-type boom, but significant numbers of new homes and retail centers are in the works across the county for 1994.

While still far short of the mid-1980s building rush, 1994 may be the year Orange County begins to see substantial new construction, as developers cautiously start to build new homes and shopping centers, real estate experts said.

Throughout the county, the most money spent on building will still be infrastructure-related: new highways and roads. There is little sign of life in the market for new office buildings, but portions of the commercial and residential building markets are rebounding. For new construction, industry experts are looking to the retail and housing sector.

The leading housing projects, based on number of homes yet to be built, are targeted for first-time home buyers, said Jeff Meyers, chief executive officer at the Meyers Group, a real estate consulting company in Newport Beach.

The largest such project is Summit Park, a 273-unit project in Anaheim Hills which has 258 units left to build, Meyers said.

“If you look at the list, seven of the top 10 (projects) are attached condominiums priced under $200,000,” Meyers said. He predicted anywhere from 25 to 30 housing projects will begin building in Orange County in 1994. That’s in addition to the projects already under construction.

“There are 259 subdivisions under construction in Orange County right now and there are a lot of new projects opening up in the first quarter,” Meyers said. “This means there will be quite a lot of new home construction in 1994.”

But, for new office building construction, the county’s largest project is the $29-million State Compensation Insurance Fund Building, a 210,000-square-foot Santa Ana high-rise that is expected to be completed this year, brokers said.

“There just hasn’t been much office construction in Orange County during the past year or so,” said Ben Bartolotto, research director for the Construction Industry Research Board.

However, in retail construction there is a mini-boom, with several large shopping developments in the works, such as the 1.3-million-square-foot Foothill Ranch Towne Centre, with its planned 24-screen movie complex and tenants such as HomeBase and Target. There is also a 290,000-square-foot shopping center under construction in Mission Viejo, which will have a Borders Books and Best Buy Electronics, and the Marketplace at Laguna Niguel, a 499,000-square-foot project.

“All these projects are for real, they are happening,” said Greg Mickelson, a retail broker with Grubb & Ellis Commercial Real Estate. “These are sophisticated retailers coming in who continue to be bullish on the future of Orange County. They are putting their money where their mouth is.”

Home Construction Update

Home builders expect 1994 to be a year of increased activity in Orange County, with new homes under construction from Yorba Linda to Laguna Niguel. Not all the developments will be finished this year. These are the largest new home projects, based on the number of homes left to build and excluding apartment buildings being converted into condominiums:

1. Development, type: Summit Park, attached Developer: Baldwin Co. Address: 8465 E. Durango, Anaheim Hills Opened: November, 1993 Units in project: 273 Units left to build: 258 Price range: $137,000-$157,000

2. Development, type: Brio, attached Developer: California Pacific Homes Address: 3007 Ladrillo Aisle, Irvine Opened: October, 1993 Units in project: 284 Units left to build: 258 Price range: $120,000-$166,000

3. Development, type: Eastlake Village Estates, detached Developer: S&S; Construction Address: 230347 Via Guadalupe, Yorba Linda Opened: May, 1988 Units in project: 500 Units left to build: 230 Price range: $336,000-$476,500

4. Development, type: Village Niguel Gardens II, attached Developer: S&S; Construction Address: 27321 Meridian Way, Laguna Niguel Opened: September, 1993 Units in project: 228 Units left to build: 221 Price range: $170,000-$190,000

5. Development, type: Mirasol, attached Developer: Barratt American Address: 1 Cantina, Mission Viejo Opened: September, 1993 Units in project: 211 Units left to build: 190 Price range: $147,000-$189,000

6. Development, type: Palermo, attached Developer: Baldwin Co. Address: 19595 Agria Way, Trabuco Canyon Opened: December, 1993 Units in project: 210 Units left to build: 186 Price range: $120,000-$161,000

7. Development, type: Del Prado II, attached Developer: Western Pacific Homes Address: 25242 Via Catalina, Laguna Niguel Opened: August, 1993 Units in project: 336 Units left to build: 176 Price range: $122,000-$169,000

8. Development, type: Bellagio, detached Developer: Bramalea Homes Address: 26101 Ravena, Mission Viejo Opened: March, 1989 Units in project: 325 Units left to build: 159 Price range: $305,000-$385,000

9. Development, type: Vineyards, attached Developer: John Laing Homes Address: 97 Santa Barbara, Foothill Ranch Opened: April, 1993 Units in project: 256 Units left to build: 158 Price range: $125,000-$166,000

10. Development, type: Positano, detached Developer: California Pacific Homes Address: 41 Del Carlo, Irvine Opened: September, 1993 Units in project: 179 Units left to build: 151 Price range: $225,00-$278,000

Source: The Meyers Group; Researched by DEBORA VRANA / For the Times

Leading Retail Projects

From a $163-million retail center at Foothill Ranch to a more modest center in Brea, building of retail centers is expected to pick up this year. The largest projects in Orange County either being constructed or redeveloped sometime in 1994:

1. Foothill Ranch Towne Centre, Foothill Ranch Square feet: 1.3 million Tenants: Wal-Mart, HomeBase, Target, AMC Theaters plans a 24-plex

2. Santa Margarita Town Center, Rancho Santa Margarita Square feet: 1 million Tenants: Target, Edwards Theaters

3. Anaheim Plaza, Anaheim Square feet: 617,798 Tenants: Wal-Mart, Mervyns, CompUSA

4. Marketplace at Laguna Niguel, Laguna Niguel Square feet: 499,000 Tenants: Vons, Mervyns, possibly Wal-Mart

5. Bristol Marketplace, Santa Ana Square feet: 426,000 Tenants: Ralphs, Montgomery Wards

6. Mission Viejo Freeway Center, Mission Viejo Square feet: 290,000 Tenants: Sportmart, Borders Books, Best Buy Electronics

7. Spectrum Entertainment Center, Irvine Square feet: 250,000 Tenants: Edwards Theaters plans an 18-plex

8. Gateway Center, Santa Ana Square feet: 210,765 Tenants: Smith’s Food & Drugs, Staples, Petsmart

9. Brea Gateway Center, Brea Square feet: 200,000 Tenant: Ralphs

10. Tustin Ranch Plaza, Tustin Square feet: 121,245 Tenant: Ralphs

Source: Grubb & Ellis Commercial Real Estate; Researched by DEBORA VRANA / For The Times