September 1, 2021
The Platinum Triangle is in the City of Anaheim at the intersection of the I-5 and SR-57 freeways and contains the Angeles Stadium and the Honda Center. The area is an entertainment hub and is connected by a major commuter railroad line and is home to several regional companies and upscale, high density mixed-use developments.
In 2004, the City of Anaheim completed The Platinum Triangle Master Land Use Plan and in 2016 the most recent implementation plan was incorporated for the Public Works department to update the transportation infrastructure to support the growing development projects in the neighborhood.
In the next five years, the Platinum Triangle will be home to two multi-billion dollar development projects that will bring thousands of new residentials units, millions of square feet of commercial space, and revamp the already high-demand job center around Angels Stadium and the Honda Center.
The Newmark Private Capital Group has done extensive research on The Platinum Triangle through one of our listings, Stadium Crossings, a four-story multi-tenant office building in the heart of this submarket.
In December of 2019, the Anaheim City Council voted to sell the 150-acre Angels Stadium Property, including the stadium, surrounding parking lot, and the City National Grove theater to Angels owner, Arte Moreno. The redevelopment plans call for a revitalization of the Platinum Triangle and will add 5,100 new apartment units and condominiums around a newly renovated or brand new 45,000-seat stadium. Moreno’s plans also call for millions of square feet of retail shops, restaurants, office buildings and hotels.
In exchange for the sale of the property, Moreno has agreed to keep the Angels in Anaheim until at least 2050. The city has projected that revenue from The Platinum Triangle will increase five times after the project is completed.
Our plan is to create a transit-oriented, multimodal development that would give an opportunity for people to come to the site and enjoy all amenities.Alex Winsberg, General Counsel of SRB Management (affiliate of Angels owner Arte Moreno)
OcV!BE is a $3 billion mixed-use redevelopment project of the area directly around the Honda Center in the Platinum Triangle that is set to be delivered in 2024. The 95-acre site is owned by the Samueli Family, the owner of the Anaheim Ducks and managers of the Honda Center.
In 2018, the Samueli Family acquired the parking lots adjacent to the Honda Center from the City of Anaheim and signed an agreement that committed the Ducks to Anaheim through 2048 with options until 2073. With this agreement, the family plans to create 1,500 residential units (15% affordable), 1.1 million square feet of office space, 20 acres of public space, 30 restaurants, and two hotels totaling 550 rooms.
Both developers of the Angels Stadium and OcV!BE developments are in talks to connect the projects, which will further enhance the walkability of these projects. The OcV!Be project calls for a network of pedestrian bridges, most notability over Katella Avenue, which will significantly reduce pedestrian traffic across major streets.
The first phase of the project is scheduled to open in 2024 and the goal is to finish all construction by 2028 and be a showcase for the Summer Olympics when the Honda Center hosts indoor volleyball.
Disclaimer: The information contained in this article is provided for general informational purposes only, and should not be considered or treated as legal or tax advice and represents only general information that may or may not be applicable to the reader’s particular situation. The reader should consult its own attorney and/or tax advisor if specific guidance, information, or advise is required.