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IRVINE, CA-Irvine Residential Highrise LLC has broken ground on the Marquee Park Place, two 18-story buildings rising on a site at the San Diego Freeway (405) and Michelson Drive. The project is the first high-rise development in Irvine.

The 232-unit luxury condominium development will take shape on a 2.3-acre site, part of 90 acres that surrounds the existing Park Place office campus and the former world headquarters for construction giant Fluor Corp. The condominium project developer, Irvine Residential, is an affiliate of Bosa Development California Inc., which in turn is a unit of Bosa Development, a company based in the Vancouver suburb of Burnaby, British Columbia.

One tower will deliver in May 2005 and the other be done shortly thereafter. The 232 units will include two-bedroom, two-bedroom and den, and penthouse models ranging from about 1,275 sf to nearly 2,100 sf, with prices ranging from $525,000 to close to $1.5 million. The site also will include four two-story townhouses of 1,454 sf to 1,480 sf at prices of $735,000 to $765,000. The development will feature a pool, garden and fitness facility and a 24-hour concierge.

The Park Place development site is about a mile from Orange County’s John Wayne Airport and the University of California at Irvine. Overall, the Park Place site is slated for development of more than four million sf of offices, retail space and housing over the next 15 years. Among the other new projects is the 146,938-sf office building at 3121 Michelson Dr. that opened last year.

The Irvine condominiums will be the latest in a list of Southern California projects for Bosa Development. In Downtown San Diego, the company completed a 25-story, two-tower Horizons Marina District project, the 22-story Discovery at Cortez Hill and 30-story Park Place tower. Construction and sales are under way at the 39-story the Grande at Santa Fe Place towers, in front of the historic Santa Fe Depot along San Diego’s North Embarcadero.

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