Mission Viejo OKs low-income housing, Target

By Maria Hsin
The Orange County Register
Last updated: February 21, 2006
www.ocregister.com

MISSION VIEJO – Street improvements, shopping and townhomes will change the area near Los Alisos Boulevard and Jeronimo Road with the City Council's approval of Aliso Ridge late Monday.

More than four hours after discussions began, the council unanimously approved the 23-acre venture.

Steadfast Investment Properties and Target Corp. are developing the site together. Fieldstone Communities will build the homes.

Aliso Ridge will offer 144 townhomes and a Target store on a lot next to Unisys Corp. The mixed-use plan includes 22 one-bedroom homes for lower- and very-low income households.

Approval still leaves Mission Viejo short 94 units for affordable homes. The council did not address if, or how much, redevelopment funds would be put toward Aliso Ridge and another housing development.

Critics of the project objected to the affordable housing and said a strictly commercial venture was best. Supporters welcomed a Target store and said Aliso Ridge offered an opportunity for homeownership.

The one-bedroom homes could sell for about $375,000 and the two- and three-bedroom homes for about $650,000, said Ralph Deppisch of Steadfast. The townhomes set aside for lower-income people could sell for about $113,000 and those for very-low income households could go for about $70,000.

The affordable homes would look the same as the market-rate homes, feature the same amenities and be spread out throughout the property, Deppisch said.

Target plans to start building in 45 days, to open by October, Deppisch said. By August, home construction could begin. If so, sale of the townhomes is anticipated by early 2007.

Back to Top