Tustin will get 40 new homes at the site of a former office complex near Irvine Boulevard and Prospect Avenue.
Intracorp Homes will soon start demolition and construction on homes ranging from 1,965 to 2,004 square feet, with two-car garages, four bathrooms and up to four bedrooms. The homes will have either a rooftop deck or an enclosed patio.
The partnership of Intracorp and financier Resmark Cos. is expected to begin sales by year’s end with move-ins in 2024. No pricing information was available.
The yet-to-be-named community will have 18 duplexes and four detached homes and will include two residences designated for lower-income buyers.
Intracorp is not new to Tustin. It previously got the nearby Vintage project with 140 homes approved for development. The community was sold to Taylor Morrison for construction and sale.
“By increasing the compatibility with existing residential adjacencies, this community will not only align with the city’s housing goals but will bring a diversification of product type to the area,” said Brad Perozzi, Intracorp Southern California president.
And Tustin Mayor Austin Lumbard hopes the project energizes the neighborhood, stating, “Redevelopment of this site not only provides additional housing to the region but also activates and enhances the project area.”
Local builders have had modest sales success of late.
In Orange County, 551 new homes sold in the three months ending in February, down 3% in a year. Builders’ share of all sales was 11.7% vs. 7.5% a year ago – a gain of 4.2 points.
In the six-county Southern California region, builders sold 4,944 residences in the same period, down 24% in a year. The share of sales was 11.2% vs. 8.4% a year ago – a gain of 2.8 points.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at [email protected]
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