Developers Plan New 15-Story Condo Project

IRVINE, CA-Opus West's OWR Development Inc. and Geoffrey H. Edmunds California plan a new high-rise residential project called 3000 the Plaza that will feature 105 condominiums ranging from 1,375 sf to 3,025 sf and priced from $700,000 to $2 million. The developers plan the 15-story project next to their first high-rise project here, called the Plaza-Irvine.Featuring a rooftop pool and a mix of units from one to three bedrooms, as well as penthouses, the new tower is planned for a site on Jamboree Road between Campus Drive and Dupont Drive. The developer's other project, the two-tower, 202-unit, 15-story Plaza Irvine, is almost sold out at an average unit price of $1.1 million.Groundbreaking for the new project is scheduled for the first quarter of 2006, with completion expected in the fourth quarter of 2007. The project will be designed by the architectural firm MV&P International.The condo tower will be designed to meet what Paul Marshall, VP of OWR Development, describes as a growing demand for the luxury condo lifestyle among buyers ranging from young single professionals to empty nesters. In addition to the same development team and architect as their first condominium project, the new project's team will include landscape designer SWA and interior designer Parisi Portfolio. Among the amenities at the new project will be a resident's-only club room with a dining room, a wet bar, a caterer's kitchen and individual wine storage lockers, a conference room, a fitness center, men's and women's locker rooms and steam rooms.Parking for the 15-story high rise will include five levels of gated underground stalls and above street-level parking, providing two spaces per unit.The new 3000 the Plaza project is part of a 13-acre master-planned residential development that includes the Plaza-Irvine condo towers and a 341-unit luxury multifamily complex. The Plaza-Irvine broke ground in March 2005 and is scheduled to be complete in January 2007.