(To read more on the multifamily market, click here.)

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IRVINE, CA-Bosa Development of Canada has unveiled its two18-story Marquee Park Place condominium towers and plans its nextproject, the Regent, on a site near the existing towers. Thecompleted Marquee towers, at the southwest corner of Jamboree Roadand the San Diego Freeway in the Irvine Business Complex, include232 units ranging from approximately 1,275 sf to 2,088 sf.

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Each of Marquee Park Place's two towers houses 116 units. Thetowers feature two-bedroom, two-bath luxury units as well astwo-bedroom plans with den. Along with the towers, Bosa built fourtwo-story townhomes as part of the Marquee complex.

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The completed towers set the stage for the Regent, which will beadjacent to the San Diego Creek Channel near Michelson Drive. Bosaexpects to begin construction of the Regent in about sixmonths.

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According to Nat Bosa, founder and president of BosaDevelopment, the company designed the Marquee condominiums for "thenew generation of homebuyers that are emerging in Orange County andSouthern California." Throughout the region and especially inOrange County, plans for high-rise condominiums have burgeoned inareas that were once almost the exclusive province of single-familyhomes and suburban living.

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Since Bosa launched its project, developers have begunconstruction, planning or proposals for more than 40 high-risecondominium projects in Orange County. The Marquee developmentfeatures a porte cochere and secured entrance leading to the lobby,with a 24-hour concierge, a business center, a social room, abilliards room and an outdoor plaza with a pool, barbecue area,gardens and fitness facility with changing and locker rooms.

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Dennis Serraglio, Bosa Development's director of sales andmarketing, points out that residents of the Marquee and comparableprojects "have high expectations about where they live," preferringto locate in "urban areas where they can walk to shops, movies andcultural events." This is a relatively recent phenomenon in OrangeCounty, where suburban communities have dominated the new housingmarket for the past 40 years.

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Marquee is located in the Park Place residential, retail andcommercial complex owned by Maguire Properties, the LosAngeles-based REIT. Bosa is based in the Vancouver suburb ofBurnaby, British Columbia.

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