Caribou Industries, a leading, national contractor and developer of residential, commercial and resort real estate, announced that it has pulled $5.6 million in building permits and executed a disposition and development agreement (“DDA”) with the city of Santa Ana in Orange County, California, paving the way for Caribou Industries to begin construction on its largest Orange County-based project so far: 3rd & Broadway Promenade, a mixed-use development project in downtown Santa Ana. The development will include a 16-story multifamily property, a three-star, 10-story hotel, an event center, and more. The project is designed by the leading global architecture firm, Gensler.
“This project has truly been a labor of love. After several years of diligent effort, we are excited and honored to have the opportunity to begin construction,” said Michael F. Harrah, founder and president of Caribou Industries. “While we have worked to revitalize Santa Ana for nearly four decades, this is our most significant project to date in the community. Located in the epicenter of Santa Ana, 3rd & Broadway Promenade will not only provide much needed jobs and tax revenue for the city, but it will completely reshape Santa Ana and re-energize Orange County as a whole. We look forward to beginning construction on this momentous and highly sustainable project in the spring of 2024.”
The project also includes a 10-story, 75-room, three-star hotel complete with a rooftop conference facility, restaurant, and bar. The property will feature more than 13,500 square feet of retail and residential space. A parking structure with 204 public parking spaces will also be constructed. With a walkability score of 97% and a convenient location near the new city light rail system at 4th and Sycamore, along with an outdoor event center, 3rd & Broadway Promenade offers residents and employees unmatched access to all of downtown Santa Ana.
“The City of Santa Ana has been working with Caribou Industries and Michael F. Harrah for several years to bring this exciting project to fruition, and we are so happy to welcome the 3rd & Broadway Promenade development to the heart of our community,” said Santa Ana Mayor Valerie Amezcua. “This high-caliber project will create hundreds of jobs, provide much-needed quality housing, and give an economic boost to our historic downtown by bringing in new residents and visitors.”
3rd & Broadway Promenade will create hundreds of union construction jobs, along with hundreds more long-term jobs for its retail, residential, and hospitality opportunities. Additionally, the project is expected to generate millions of dollars in tax, sales, and event revenue, greatly benefitting the city of Santa Ana.
