On the development side, Shea Properties announced Tuesday aspring 2001 groundbreaking on the first phase of what willultimately be a 40-acre, 1.5 million-sf mixed-use project in AlisoViejo called Vantis. Valued at $350 million when completed, Vantiswill be a campus-style complex consisting of nine, three- toeight-story buildings, which will be connected to each other andthe Aliso Viejo Town Center retail area through a system ofpedestrian walkways.

Featuring a futuristic design and high-tech services, includingbroadband telecommunications, the first phase of the project isexpected to be completed in spring 2002. Synder Langston of Irvineis the contractor for the project.

"We figure completion of the build-out will take five to sevenyears," says Tim Joyce, SVP in the Irvine office of ColliersSeeley, the exclusive agent for Shea Properties. "This is one ofthe last remaining parcels of this nature in south Orange Countythat would have the entitlements to build 1.5 million sf. We lookat Aliso Viejo as a hub. We think it is one of the stronger hubscompanies can look at to relocate their companies. Prior tocompletion of the first phase, we anticipate being 50%pre-leased."