Latest news with #LegacyPartners
Los Angeles Times
3 days ago
- Business
- Los Angeles Times
Costa Mesa planners get the buzz on Hive Live, a 1,050-unit complex landing soon
A vision for high-density residential projects in Costa Mesa is becoming clearer, as planners Tuesday previewed Hive Live — a 1,050-unit complex with retail space proposed to replace an office park and the Los Angeles Chargers' former practice field. Planning commissioners took a look at the proposal, and the laundry list of entitlements being sought by applicants for the 14.25-acre parcel, during a study session Tuesday ahead of a June 9 hearing. The review comes nearly two years after the project was initially screened by the Costa Mesa City Council in August 2023. Panelists then gave developer Legacy Partners their consent to move ahead with the project. The firm's regional office in Irvine is overseeing the plan, which proposes three five-story buildings with 1,756 parking spaces to accommodate tenants, 3,692 square feet of retail occupancy and roughly 7.7 acres of total open space at 3333 Susan St. Planning commissioners will be asked in June to consider a general plan amendment and zone change allowing for high residential uses, as well as amendments to the North Costa Mesa Specific Plan, which establishes building standards for the area. Hive Live would also operate under a separate master plan imposing requirements specific to the property, which would be broken up into three separate parcels to accommodate three phases of development. Although not part of the project currently under consideration, developers have offered neighboring defense contractor Anduril, the headquarters of which border the Susan Street property, first right of refusal to build an additional office building at the southern end of the property. That decision would dictate which of the three Hive Live parcels would be constructed first. Anduril is located directly west of the proposed housing complex, across from a jointly managed strip of land called the Rail Trail, planned to connect bike trails in Costa Mesa and the city of Santa Ana to the north. To increase the value of that connectivity, the applicant is proposing pedestrian 'paseo' areas in between the buildings, where amenities would include seating, artwork and landscaping. Legacy Partners has offered to make 105 of the project's 1,050 total units — or 10% — affordable to low-income renters for a period of 55 years, in exchange for a 20% density bonus through the state. Any further community benefits, such as payments to the city for infrastructure and public services, will be outlined in a developer agreement that is still being negotiated and which will likely remain in effect for a period of 20 to 30 years after units become completed. Tim O'Brien, a senior managing director at Legacy Partners, explained how the concept for Hive Live began five years ago as the city was in the process of updating the housing element portion of its general plan and eyeing industrial areas north of the 405 Freeway for residential developments with higher densities. 'It was just kind of an inkling, like, depending on what the city's looking for here, maybe this could be a site that could be offered up,' O'Brien recalled Tuesday. 'The vision became, well look, we have a big (housing) obligation to the state, it calls for density, we think this density should be in the northern part of the city — that's the whole premise of this.' The Irvine-based developer also built 580 Anton, a 240-unit luxury apartment building in Costa Mesa's South Coast Metro district, as well as nearby Bloom South Coast in Santa Ana. O'Brien said the firm's target market for Hive Live is professionals aged 25 to 45, though each of the three residential buildings on the site would be aimed at different audiences within that demographic. The southernmost building, dubbed 'The Innovator,' would include 315 residential units and a 538-space parking garage, along with all the retail space and a public common area, for an active and social population with modern influences. Directly north of that, 'The Explorer' would be built out with 346 units and 572 parking spaces in a design appealing to creatives and outdoor adventurers looking for laid-back luxury. A third building 'Eco Enthusiast' would be the largest construction phase and include 389 units, along with a 643-space parking structure and a design focused on wellness, meditation and a refined, natural look. 'They all have these individual interests — everybody's different,' O'Brien told commissioners of the envisioned tenant profiles. 'It just helps us to create themes and feel for our buildings; it helps us create a sense of place, of character.'
Business Times
20-05-2025
- Business
- Business Times
Rich Americans ready to swoop in if New Zealand relaxes home-buying ban
[WELLINGTON] Wealthy Americans eyeing New Zealand as a haven are hoping the government will soon relax a ban on house sales to foreigners, according to advisers. Since New Zealand overhauled its golden visa programme last month, there has been a surge of interest from would-be US investors, but the inability to buy a house in the country remains an obstacle, said Marcus Beveridge, managing director at Queen City Law in Auckland who specialises in foreign investment. 'A sensible way forward would be that anyone who successfully obtains a residence visa under the government golden visa scheme is eligible to buy a family home here,' Beveridge said. Telling investors they cannot buy a house 'really sticks in the craw', he said. Immigration Minister Erica Stanford said last month that talks about changing the policy were happening 'at a leader-to-leader level' in the coalition government. There is speculation it could announce a relaxation of the ban in the budget on Thursday (May 22), though politicians have not given any indication that such a step is imminent. Prime Minister Christopher Luxon told reporters yesterday that lifting the ban 'is not the be-all and end-all of attracting investment'. New Zealand, which suffered a sharp recession last year, wants to attract more foreign capital to spark economic growth and fund new infrastructure. Its remote location in the South Pacific makes it a desirable destination for the rich seeking a haven in a picturesque and politically stable country. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up One of the government's moves to attract foreign investment was a reworking of the golden visa, which gives residency to foreigners if they invest a certain amount of money. The revamp scrapped the English-language requirement, reduced the time investors must spend in the country, lowered investment thresholds and simplified eligibility categories. In the six weeks since the changes were introduced, 104 visa applications covering 346 individuals have been submitted, according to government data – almost as many as were received in the previous two-and-a-half years under the old settings. The applications represent a minimum NZ$620 million (S$475 million) in investment. Strikingly, more than half come from the US. Jim Rohrstaff, a partner at luxury real estate broker Legacy Partners in Auckland, said there is a 'tremendous amount of pent up demand' from well-off Americans to buy homes in New Zealand. 'Not only because of the things that are going on politically in the world, which are quite divisive, but I think Americans have always been fascinated by New Zealand,' said Rohrstaff, a dual American-New Zealand citizen. 'It's a beautiful place. It's a long way from everything.' The ban on house sales to foreigners was imposed in 2018 by then-Prime Minister Jacinda Ardern amid concern about unaffordable housing and following a passport-for-sale scandal involving PayPal co-founder Peter Thiel. Only citizens and tax residents of New Zealand, and Australians and Singaporeans – due to pre-existing trade agreements – are allowed to buy property. The ruling National Party campaigned on loosening the ban ahead of the 2023 election, proposing to allow foreigners to purchase homes worth NZ$2 million or more. However, coalition partner New Zealand First blocked the policy during government formation talks. Since then, New Zealand First leader Winston Peters has said he's open to allowing foreigners to buy expensive houses if they also invest in the country. Rohrstaff, who develops exclusive golf courses, said he has been in contact with numerous wealthy and influential Americans who would love to spend more time in New Zealand, but not in a hotel room. 'They are staying in some of the beautiful luxury lodges around the country,' he said. 'But there is an expiration date to that visit.' Beveridge said he believes a lifting of the ban is inevitable, even it doesn't happen in this week's budget. Mark Harris, managing director and founder of New Zealand Sotheby's International Realty, said the revamped golden visa was attracting applications, but the fact that people still had to become tax residents in New Zealand in order to buy a house was problematic. Under New Zealand law, being a tax resident means an individual needs to have spent 183 days in the country in any 12-month period. 'We are seeing a lot more inquiries and web traffic, particularly from the US, but unfortunately a lot of clients in the high-net-worth category just aren't able to spend six months at one time,' he said. 'It's still a road block to them buying a home to enjoy.' BLOOMBERG
Straits Times
20-05-2025
- Business
- Straits Times
Rich Americans ready to swoop in if New Zealand relaxes home-buying ban
WELLINGTON – Wealthy Americans eying New Zealand as a haven are hoping the government will soon relax a ban on house sales to foreigners, according to advisers. Since New Zealand overhauled its golden visa program in April, there has been a surge of interest from would-be US investors, but the inability to buy a house in the country remains an obstacle, said Mr Marcus Beveridge, managing director at Queen City Law in Auckland who specialises in foreign investment. 'A sensible way forward would be that anyone who successfully obtains a residence visa under the government golden visa scheme is eligible to buy a family home here,' Mr Beveridge said. Telling investors they can't buy a house 'really sticks in the craw,' he said. Immigration Minister Erica Stanford said in April that talks about changing the policy were happening 'at a leader-to-leader level' in the coalition government. There is speculation it could announce a relaxation of the ban in the budget on May 15 though politicians have not given any indication that such a step is imminent. Prime Minister Christopher Luxon told reporters on May 19 that lifting the ban 'is not the be-all and end-all of attracting investment.' New Zealand, which suffered a sharp recession in 2024, wants to attract more foreign capital to spark economic growth and fund new infrastructure. Its remote location in the South Pacific makes it a desirable destination for the rich seeking a haven in a picturesque and politically stable country. One of the government's moves to attract foreign investment was a reworking of the golden visa, which gives residency to foreigners if they invest a certain amount of money. The revamp scrapped the English-language requirement, reduced the time investors must spend in the country, lowered investment thresholds and simplified eligibility categories. In the six weeks since the changes were introduced, 104 visa applications covering 346 individuals have been submitted, according to government data – almost as many as were received in the previous two-and-a-half years under the old settings. The applications represent a minimum NZ$620 million (S$476 million) in investment. Strikingly, more than half come from the US. Mr Jim Rohrstaff, a partner at luxury real estate broker Legacy Partners in Auckland, said there is a 'tremendous amount of pent up demand' from well-off Americans to buy homes in New Zealand. 'Not only because of the things that are going on politically in the world, which are quite divisive, but I think Americans have always been fascinated by New Zealand,' said Mr Rohrstaff, a dual American-New Zealand citizen. 'It's a beautiful place. It's a long way from everything.' The ban on house sales to foreigners was imposed in 2018 by then-Prime Minister Jacinda Ardern amid concern about unaffordable housing and following a passport-for-sale scandal involving PayPal co-founder Peter Thiel. Only citizens and tax residents of New Zealand, and Australians and Singaporeans – due to pre-existing trade agreements – are allowed to buy property. The ruling National Party campaigned on loosening the ban ahead of the 2023 election, proposing to allow foreigners to purchase homes worth NZ$2 million or more. However, coalition partner New Zealand First blocked the policy during government formation talks. Since then, New Zealand First leader Winston Peters has said he's open to allowing foreigners to buy expensive houses if they also invest in the country. Mr Rohrstaff, who develops exclusive golf courses, said he has been in contact with numerous wealthy and influential Americans who would love to spend more time in New Zealand, but not in a hotel room. 'They're staying in some of the beautiful luxury lodges around the country,' he said. 'But there is an expiration date to that visit.' Mr Beveridge said he believes a lifting of the ban is inevitable, even it doesn't happen in this week's budget. Mr Mark Harris, managing director and founder of New Zealand Sotheby's International Realty, said the revamped golden visa was attracting applications, but the fact that people still had to become tax residents in New Zealand in order to buy a house was problematic. Under New Zealand law, being a tax resident means an individual needs to have spent 183 days in the country in any 12-month period. 'We are seeing a lot more inquiries and web traffic, particularly from the US, but unfortunately a lot of clients in the high-net-worth category just aren't able to spend six months at one time,' he said. 'It's still a road block to them buying a home to enjoy.' BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
