City council votes, 3-2, to allow 390 apartments to be converted to condomiums.
by Mira Jang
The Orange County Register - Wednesday, April 12, 2006
ANAHEIM - The City Council has approved, 3-2, a request by the Stadium Lofts developer in the Platinum Triangle to convert 390 apartments to condominiums.
Council members Lorri Galloway and Richard Chavez opposed the conversion, citing a need for more rentals in the area.
"To me it’s not an issue of affordable housing," Galloway said. "It’s too late in the game to bring that up."
She said rentals would allow young professionals without a large savings along with older couples that want a second home the opportunity to experience the urban lifestyle.
With only 10 percent of housing in the Platinum Triangle approved as rentals, Galloway said this council decision sets a dangerous precedent for other developers who may want to convert their apartments.
"This sends a really bad message. What stops them from coming (to council to request a conversion)? Then we’ll have zero rentals," she said.
Eric Heffner, spokesperson for Nexus Properties, said his company is simply responding to the housing market.
Mayor Curt Pringle and council members Harry Sidhu and Bob Hernandez supported the developer’s decision, saying that’s it’s a matter of private property.
The first group of residents are scheduled to move into the 390-unit project on Katella Avenue and State College Boulevard by June.