Core Development Group, led by Philip Rahimzadeh, intends to demolish the 12-story Wells Fargo Building in Santa Ana to construct the 162-unit Arthouse on Main apartment complex.
The current office building was bought for $18.6 million and is planned to be replaced with an apartment complex featuring 162 units, ground floor shops, and a rooftop deck.
This shift from office to residential development reflects a broader trend in Orange County, where values of office properties have decreased significantly, leading to conversions into residential or warehouse spaces.
#real-estate-development #office-building-demolition #residential-complex #orange-county-real-estate #property-market-trends
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