Santa Ana’s Twin Towers are now available for rent!

A few years back there was much ballyhoo about the fact that so called high-rise condominium buildings were going up in Orange County. Advertisements pictured happy couples enjoying the “good life” from their condo with a view, watching the sunset from their balcony while sipping wine. It all looked so glamorous.

One such project is in south Santa Ana, near the intersection of MacArthur Boulevard and Main Street. The twin towers of this residential project are clearly visible from the 55 freeway. The developers and city fathers had touted this project as a boone for Santa Ana and destined to succeed. Images of wealthy condo owners moving into Santa Ana sparked hope of a boom in this part of town.

Then the housing bubble burst.The O.C. Register reported that amidst claims by the developer that about 40 of the units had been sold the sales office was closed a couple winters ago to await spring and summer when it was thought buyers might arrive. This was not a good sign. Some feared the sales office closure was a signal that the construction, presently under way, would not be completed. But the construction was completed so the specter of partly completed towers standing as monuments to the collapse of the housing market was avoided. Apparently though the second round of buyers did not arrive.

The Business section of the Register reported yesterday that the complex has been sold, and that in spite of claims that 40 or more units had been sold that was not the case at all.  Truth is, there was not even a first round of buyers.   The story reported that the sales price of the twin towers property was only about 1/3rd of the estimated value of the property just a couple of years ago.

What do the new owners plan to do with these empty twin towers?  According to The Register story they will make all units available on a rental basis.  Sounds like the hope is for upscale tenants  to move in who are willing to pay for the amenities designed into those buildings. Time will tell. 

Just what Santa Ana needs – more rental units!  I wonder how long before we see laundry hanging to dry on those balcony railings.

About Over But Not Out

A retired Orange County employee, and moderate Republican. The editor seriously does not know OBNO's identity as did not the former editor, but his point of view is obviously interesting and valued.