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By Andrea Swayne
The mixed-use Majestic project, approved by City Council in October 2014, has been acquired by Raintree Partners, a multi-family real estate investment and development company located in Laguna Niguel, city officials said.
The project, originated by Majestic Housing and Development, calls for 32,500 square feet of retail space and 109 residential units, to be built on seven lots, in three phases.
Check said the company has plans to begin offering the planned condominium units as rentals.
According to Jason Check, Raintree Partners managing director, the company has been completing offsite utility work and expects to begin demolition of lots’ existing buildings on the week of April 11.
“We are continuing to work closely with city staff to address community concerns about the project,” Check said. “We are a local Laguna Niguel-based company and we don’t want to build something that won’t be well-received. We are exploring the possibility of eliminating the planned roof decks and associated elevator towers, as well as coming up with ideas to further activate Amber Lantern.”
Check added that Raintree is also considering the possibility of changing the portions of the project that are approved for four stories of residential to three stories, possibly by creating townhouse-style units within the ground floor, 18-foot-high units.
EDITOR’S NOTE: Regarding the 58-foot height measurements allowed in the Majestic project: There were no height variances granted to the Majestic project. There are three elevator/utility shafts (one on each of three buildings) that measure 54, 57 and 58 feet. The Town Center Plan and building code, without variances, allow for elevators to provide ADA access to the rooftops. The elevator towers rise 14, 17 and 18 feet, respectively, above the 40-foot maximum building height. The towers take up less than 500 square feet (less than 1 percent) of the 70,000 square feet of roof space. Also allowed without a variance, is screening for rooftop mechanical equipment and rooftop perimeter walls, both at 42 inches. Regarding the four-story buildings: The areas of the project that have four stories contain four levels of residences within the 40-foot height limit and are the same height (40 feet, except for elevator towers, perimeter walls and mechanical equipment screening) as the three-story sections. The three-story sections will house 18-foot retail spaces on the ground level, topped with two stories of residential.