The pair of 15-story towers will rise inside Park Place, thesprawling campus-style commercial project on the western side ofthe San Diego (405) Freeway at Jamboree Road. All of the nearly 2million sf in the complex today is dedicated to office and retailuse.

Dallas-based Trammell Crow currently plans on renting out the360 housing units, says managing director William Lane. But thecompany could eventually decide to offer them as for-salecondominiums if market conditions change or simply sell the parcelit owns to another multifamily developer, Lane says.

On paper, at least, it would seem that any type of residentialdevelopment in the area would be a success. Apartment vacancy ratesacross Orange County have hovered in the 3%-range for the past fewyears and rents have soared, according to a recent report by Marcus& Millichap, as construction has failed to keep up with thearea's growing workforce.