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Polygon Will Sell Rights to Develop Arena Centre

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TIMES STAFF WRITER

In an unexpected move, Polygon Development LP has scrapped plans to build Arena Corporate Centre in Anaheim, deciding instead to sell rights to develop the 23-acre office project, the company said.

The Costa Mesa developer said, however, it will complete construction of its Town Centre project in Laguna Woods, which consists of two office buildings, a 140-room hotel, a medical office building, retail shops and a restaurant.

The change in plans for the Arena Centre came as Polygon decided to reduce the company’s scope over the next few years.

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Werner Paulus, founder of the Washington state company, is in poor health and is launching a succession plan. He intends to convert the company from an integrated real estate entity into a family-held concern, said spokeswoman Joan Gladstone.

Since 1997, the company had acquired 77 acres of land in Orange County and planned construction of more than 3 million square feet of commercial and retail space.

That includes Canyon Corporate Centre, a 16-acre office project in Anaheim; Main Street Concourse in Santa Ana, which the company had intended to turn into an 18-acre office and retail project; a hotel in Newport Beach; and its 40,000 square-foot corporate office in Costa Mesa.

Polygon has hired E&Y; Kenneth Leventhal, a Newport Beach accounting firm, to find a buyer for the Arena Centre project. The site, which is adjacent to the Arrowhead Pond of Anaheim, has been approved for 1 million square feet of office, hotel and day-care space.

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