Intracorp Acquires 2055 Main Street, Irvine, for Ground-Up Apartment Development
IRVINE, Calif., July 16, 2019 (Newswire.com) - Intracorp recently acquired 2055 Main Street, Irvine, to build a 178-unit Class A apartment development. The seller was LBA Realty. The property is situated in the heart of the Irvine Business Complex (IBC), on the corner of Main Street and Gillette, within close proximity to John Wayne Airport and lifestyle entertainment centers, including Diamond Jamboree, Park Place and South Coast Plaza.
Intracorp’s for-sale luxury townhome development, LUX, is located adjacent to the subject property, and its newest gated townhome development, MDL, also located on Gillette Avenue, is scheduled to open late August. Current entitlements at 2055 Main Street are approved for building 178 multi-family units on 2.23 acres. The design of the future multi-family project will include five stories of residential living with a rooftop amenity deck and best-in-class features. Construction is anticipated to begin summer 2020, with leasing starting late 2021.
Intracorp’s Division President Brad Perozzi stated, “Intracorp is a strong supporter of the Irvine residential market and with the residential development cap almost entirely spoken for within the IBC, we believe there is a long runway for this project’s future success.”
Developing communities in five urban regions in North America, Intracorp has established itself as a real estate developer that delivers extraordinary experiences to homeowners and residents of its apartment homes. As one of North America’s largest developers of multi-family homes, Intracorp has delivered more than 22,000 homes in 176 communities. The company evolved from founder Joe Houssian’s first business venture, Intrawest, which was founded in 1976. It began as an urban residential real estate business and transformed into an internationally renowned resort and real estate development company credited with the success of several preeminent ski resorts such as Whistler Blackcomb. Intracorp currently develops outstanding communities in British Columbia, Ontario, Washington State, California and Austin, Texas. IntracorpHomes.com