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ANAHEIM, CA-The Anaheim City Council has approved entitlements for a 17.5-acre Platinum Triangle property owned by San Francisco-based AMB Property Corp. The entitlements authorize AMB to develop 1,208 residential units and 150,000 sf of office and retail on the land.

AMB has owned and operated the site as Stadium Business Park, a nine-building industrial park totaling approximately 283,000 sf, since 1994. The San Francisco-based company’s project now becomes the latest in a series of conversions and redevelopments approved by the city for the Platinum Triangle, Anaheim’s 820-acre redevelopment district.

The Platinum Triangle surrounds two major sports venues, Angel Stadium and the Honda Center, and has been rezoned to create a high-density, mixed-use, urban environment. The area ultimately could include up to 9,500 residential units, five million sf of office space and more than two million sf of retail space.

Hamid R. Moghadam, AMB’s chairman and CEO, says that the company secured the approval by working with the city during the entitlement process, creating a plan that is consistent with the city’s goals. Moghadam adds that the Anaheim site is an example of opportunities to selectively rezone infill industrial properties in the AMB portfolio “for higher and better uses.”

The latest update by the City of Anaheim on the list of projects approved and pending for the Platinum Triangle includes 15 developments. They include condominium projects, office developments, restaurants, entertainment and other venues.

Among the projects is Lennar’s A-Town, a masterplanned community that will include two public parks and several thousand housing units in a variety of building types such as townhouses, live/work lofts and residential towers of 24 to 35 stories. The A-Town plan also calls for a 229,800-sf commercial/retail area.

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