A 100-acre sand and gravel pit in Orange will be the site of a major mobile-home development to be jointly constructed by Silvercrest Corp. and Watt Pacific Inc.
The two companies said Monday that they have paid $12 million in cash to Cal Mat Properties Co. Inc. for the property and plan to build $70 million worth of prefabricated homes on the triangular parcel, bounded by Santiago Creek, Prospect Avenue and Spring Street.
Cal Mat, based in Irwindale, also will receive up to $3 million in marketing rights to the mobile-home project, the largest factory-built home development in Orange County.
Construction is expected to begin next March, with completion of the first of three phases scheduled for November of 1988, according to Burt Mazelow, president of Santiago Corp., a developer of the project and a subsidiary of Santa Ana-based Silvercrest.
FOR THE RECORD
Los Angeles Times Wednesday September 23, 1987 Orange County Edition Business Part 4 Page 2 Column 5 Financial Desk 2 inches; 47 words Type of Material: Correction
Because of a production error, a story in Tuesday's Times about Silvercrest Corp. contained unclear information about the size and status of a mobile home development the company plans to build in Orange. The project will include 700 housing units and remains subject to approval zoning changes and conditional use permits from the city.
Mazelow said the companies have received approval from the City of Orange to begin filling the sand and gravel excavations on the property. City officials still must must approve conditional use permits and zoning changes to permit mobile homes and modular housing on the property. The company expects hearings to begin next month on the zoning changes.
Silvercrest, a manufacturer of prefabricated housing, has a 25% stake in the project and will manufacture all the homes in the project. Santa Monica-based Watt Pacific will own 75% and develop the property and housing sites.
The companies said the four-year project is designed to provide affordable housing for adults and senior citizens. Silvercrest officials said the venture offers an opportunity to help solve the city's need for an estimated 4,000 housing units that senior citizens can afford. It will include 415 single-family mobile homes, 292 duplex units for senior citizens and 10 single units for senior citizens.
Santiago developed another mobile-home park called Santiago Creek on another sand and gravel pit in Orange that is close to the proposed mobile-home park site.
King said Santiago Creek was one of just two new mobile-home parks built in Orange County in the last eight years. The other, he said, was Lake Park in Santa Ana.
The companies plan to grant the city title to 14 acres of the property for potential development of a new YMCA site, a community center, a medical clinic and a Little League field.