Caribou Industries Pulls $5,600,000 in Building Permits and Executes Disposition and Development Agreement with the City of Santa Ana, California to Begin Construction on Mixed-Use, High-Rise Development, 3rd & Broadway Promenade

SANTA ANA, Calif., Dec. 11, 2023 /PRNewswire/ -- Caribou Industries, Inc., a leading, national contractor and developer of residential, commercial and resort real estate, announced today 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: 3^rd & 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. Construction is expected to begin in the second quarter of 2024.

"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, 3^rd & 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."

Located at the intersection of 3^rd Street and Broadway in the heart of Santa Ana, 3^rd & Broadway Promenade will consist of a 16-story residential building comprised of 171 apartment homes, with studio, one-bedroom, and two-bedroom floorplans, along with 198 secured homeowner garages. 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 4^th and Sycamore, along with an outdoor event center, 3^rd & 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."

3^rd & 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.

About Caribou Industries
Founded in 1977, Caribou Industries owns and operates 40 subsidiary companies known for premier real estate, executive aviation, five-star restaurants, hotels, resorts, and entertainment venues. Since its inception, Caribou Industries and Founder and President Michael F. Harrah have acquired, developed or completely renovated over seven million square feet of commercial office, retail, and residential properties in Santa Ana, Hawaii, Arizona, California, and Nevada; and has consistently maintained Michael F. Harrah's commitment to "Preserving the Past and Ensuring the Future" through the development of inner-city properties and resort communities. To learn more, visit michaelfharrah.com.

SOURCE Caribou Industries