REAL ESTATE
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3000 The Plaza in Irvine acquired by Geoffrey Edmunds & Associates
Luxury condo project's sale could be good news for O.C.'s real estate industry.
By Kristen SchottPublished: August 28, 2009 10:09 AM
In what's being hailed by some as a positive move for Orange County's real estate industry, 3000 The Plaza, a luxury, high-rise condominium tower in Irvine, has been acquired by Geoffrey Edmunds & Associates.
The Scottsdale, Ariz.-based developer was a partner with Opus West, which filed for Chapter 11 bankruptcy protection last month, in the previous ownership structure. But following the decision by Opus, Edmunds officials made the move to pursue sole ownership of the project. Financial details of the decision have not been released.
The goal? To sell all 105 homes in 3000 The Plaza. Fifty of the condos have been purchased, while 10 more are in escrow. The development is the third and final phase of a three-tower luxury condominium project on Jamboree, which Edmunds was also a partner in.
“I’ve finished every project I’ve started," says Geoffrey Edmunds, founder of the firm. "3000 The Plaza is special; it’s one of the finest housing opportunities I’ve ever been associated with. There will always be demand for high quality housing in premier locations such as Irvine.”
Edmunds says the project's location and high-end offerings – the property boasts O.C.'s first rooftop pool – as well as its lifestyle opportunities are among the reasons he decided to invest his own capital, thereby "rescuing" the project from possible foreclosure.
With that overwhelming confidence, it's no wonder that its garnering excitement from industry executives and local retailers.
"The acquisition basically saved the development," says Kristine Thalman, CEO of the Orange County Chapter of the Building Industry Association. She believes the move is very good news for the region, which is seeing some signs that real estate is slowly picking up.
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'OC METRO Minute,' Aug. 28: Online interest in O.C. homes up
Three O.C. homes named among Top 10 Coolest Beach Homes
O.C.'s median home price falls 7 percent from July '08
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The Scottsdale, Ariz.-based developer was a partner with Opus West, which filed for Chapter 11 bankruptcy protection last month, in the previous ownership structure. But following the decision by Opus, Edmunds officials made the move to pursue sole ownership of the project. Financial details of the decision have not been released. The goal? To sell all 105 homes in 3000 The Plaza. Fifty of the condos have been purchased, while 10 more are in escrow. The development is the third and final phase of a three-tower luxury condominium project on Jamboree, which Edmunds was also a partner in. “I’ve finished every project I’ve started," says Geoffrey Edmunds, founder of the firm. "3000 The Plaza is special; it’s one of the finest housing opportunities I’ve ever been associated with. There will always be demand for high quality housing in premier locations such as Irvine.” Edmunds says the project's location and high-end offerings – the property boasts O.C.'s first rooftop pool – as well as its lifestyle opportunities are among the reasons he decided to invest his own capital, thereby "rescuing" the project from possible foreclosure. With that overwhelming confidence, it's no wonder that its garnering excitement from industry executives and local retailers. "The acquisition basically saved the development," says Kristine Thalman, CEO of the Orange County Chapter of the Building Industry Association. She believes the move is very good news for the region, which is seeing some signs that real estate is slowly picking up. NEXT PAGE >> Related headlines 'OC METRO Minute,' Aug. 28: Online interest in O.C. homes up Three O.C. homes named among Top 10 Coolest Beach Homes O.C.'s median home price falls 7 percent from July '08 |
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