The site is adjacent to recently renovated Bella Terra, a 48-acre open air mall containing restaurants, shops and a 20-screen megaplex theater. The Bella Terra amenities "would provide future residents of the project with excellent access to shopping and entertainment," says Bill Montgomery, president of SRG's Multifamily Acquisition & Investments Division.
Montgomery says that the company and city are in discussions regarding entitlements for the parcel, which will be developed in the Town Center Core and Neighborhood segments of the new Beach and Edinger Corridors Specific Plan in process with the city.
The city's concept for the area is outlined in the Beach and Edinger Corridors Specific Plan, which Montgomery says "will position Huntington Beach for new and revitalized growth in the years to come," Montgomery says.
Sares-Regis has previous development experience in the city, having completed the conversion and sell-out of the Seabridge Condominium complex on Beach Boulevard in 2004. Sares-Regis Group completed that project after acquiring the 344-unit Seabridge Villas Apartments from Northwestern Mutual Life for about $63.8 million in partnership with New York City-based AIG Global Real Estate Investment Corp., according to a GlobeSt.com report at the time.
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