In a beacon of hope for the financially challenged city of Santa Ana, Caribou Industries, Inc. has officially announced an initial $5.6 million investment into building permits for the 3rd & Broadway Promenade, a mixed-use development set to redefine downtown Santa Ana.
Caribou Industries, a prominent national construction firm and real estate developer under the leadership of Founder and President Michael F. Harrah, unveiled plans for the 16-story project that promises to inject much-needed revenue into the city, while providing a significant economic boost and a fresh lease of life to Santa Ana.
“This project has truly been a labor of love,” remarked Michael F. Harrah. “Located in the epicenter of Santa Ana, 3rd & Broadway Promenade will not only provide much-needed jobs and tax revenue for the city but will completely reshape Santa Ana and re-energize Orange County as a whole.”
The 3rd & Broadway Promenade will comprise a 16-story residential building with 171 apartment homes, a 10-story, 75-room hotel, and an event center, all designed by the globally renowned architecture firm, Gensler. Construction is set to kick off in the second quarter of 2024.
Santa Ana Mayor Valerie Amezcua expressed her enthusiasm, stating, “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.”
The development is strategically located at the intersection of 3rd Street and Broadway, offering residents and employees unparalleled access to downtown Santa Ana, with a walkability score of 97%. The project will also include a parking structure with 204 public parking spaces, catering to the city’s need for enhanced accessibility.
Apart from the immediate job creation during construction, 3rd & Broadway Promenade is expected to generate hundreds of long-term jobs in retail, residential, and hospitality sectors, providing a significant economic stimulus for the city.
Amid Santa Ana’s challenging financial situation, highlighted by a Taxpayer Burden™ and financial hole of $565.7 million, Caribou Industries’ investment is seen as a critical step in addressing the city’s escalating fiscal crisis. With only $458.9 million in assets against bills totaling $1 billion, the city faces a considerable deficit.
However, with the commencement of the 3rd & Broadway Promenade project, Santa Ana anticipates a substantial influx of revenue through taxes, sales, and events, offering a glimmer of hope and a potential turning point in the city’s financial trajectory.
About Caribou Industries, founded in 1977, the company has consistently demonstrated a commitment to “Preserving the Past and Ensuring the Future” through its extensive real estate portfolio, including commercial office, retail, and residential properties across multiple states.
As the construction industry gears up for the project’s commencement in spring 2024, all eyes are on Caribou Industries to play a pivotal role in reviving Santa Ana’s economic landscape.