By Kathy Lee Scott/Garden Grove Journal
Since Grae Ventures failed to submit a plan for the Century Triangle in 2007, the city has sought a developer for the 6.4-acre site.
Irvine-based Brandywine Homes stepped forward with a plan for just the southern, residential portion, and in November 2008, signed a 180-day negotiating agreement with the city.
At its Tuesday meeting, the Garden Grove City Council, also acting as the city’s redevelopment agency, gave Brandywine Homes the go-ahead to build 53 townhomes, through its Century Village Group.
“We’ve tried different plans for one and a half years until we found one that the city wanted,” said Jim Barisic, chairman.
Brandywine will pay $4.01 million for the 2.67-acre site at the northwest corner of Century Boulevard and Taft Street, next to Costco. “That’s more than the appraised value (of $3.8 million),” said Barisic.
The agency paid almost $2.7 million for all the lots that make up the site, said Chet Yoshizaki, economic development director.
The developer will construct the three-story homes, each with a two-car garage, onto the trapezoid-shaped property that residents can access from Century. A pedestrian walkway connects to Taft.
“We’ll do it in five phases,” Barisic said. He hopes to begin phase one this year.
The residences, which will be built abutting each other in groups, will range from two to four bedrooms. The company plans to build five two-bedroom, 1,390-square-foot units, 14 three-bedroom, 1,700-square-foot homes, 32 four-bedroom, 1,945-square-foot residences and one five-bedroom, 2,250-square-foot unit.
“We’ll fine tune the design with the city,” the chairman said. “I expect there will be lots of changes.”
A consultant for the city, Keyser Marston Associates, estimated the homes would sell for $376,000 for two-bedroom units, up to $449,000 for the five-bedroom one.
Barisic figures it will cost almost $14.5 million to construct the complex. Of that, $9.8 million will go toward clearing the site, erecting the homes and fixing the nearby streets. Another $3.6 million will pay for permits, personnel and paperwork. The last $1.04 million will cover loans and interest payments.
It expects to earn $22 million from the sales. In turn, the agency should receive between $150,000 and $200,000 a year from taxes on the increased property values.
The city insisted the developer create an urban trail in the project, which could contain benches and bicycling routes. Per the site plan, it will surround the project, along the perimeter.
According to the agreement, all area not used for the homes, streets and sidewalks must be landscaped. Trees, pools, ground cover and potted plants can be used. The project must include a sprinkler system as well.
The developer will widen Taft Avenue between Century and Garden Grove boulevards, replace existing curbs and gutters along Century with new ones, and relocate the traffic signal at the northwest corner of Century and Taft. It also will resurface the alley and put the current utility cables underground.
The city will reimburse Brandywine for resurfacing the street, relocating the traffic signal, improving the alley and putting the utility cables underground.
Each home will be given almost 2.5 parking spots: two in the garage and the rest along the street. The developer included 24 spots along the private roads, for a total of 106 parking spaces.