Movin' on up: Bosa's verical vision marks turning point

Natale "Nat"

Bosa, an Italian immigrant to Canada, has built condominium towers in his hometown of Vancouver, British Columbia, and down the road in San Diego.

Now he is set to do it in Irvine, the land of low-rise living.

His plan to build two 18-story condo buildings at Park Place on Jamboree Road near the San Diego (I-405) Freeway is bold. It could be the first of a trend: Bosa's plans suddenly have OC developers buzzing about high-rise living, which once was unthinkable in OC.

Bosa's project, Marquee at Park Place, would be OC's first residential towers. The project signals the urbanization of a community that long has looked east and south for growth, but not up.

"It's a big, big shift in lifestyle," Bosa said.

The 58-year-old developer said demographics bode well for high-rises, even in OC. Baby boomers are aging and want to simplify their lives, he contends. They're not interested in home or yard care, he said.

Bosa shrugs off the novelty and groundbreaking aspects of his Irvine plan: "I don't think we are creating excitement in Irvine," he said. "People there are making it look exciting, but I don't think it is."

He points to nearby high-rise homes in Long Beach and on Wilshire Boulevard in Los Angeles.

"I feel pretty confident that OC is ready," he said. "We are not talking about thousands of units."

Bosa plans 232 luxury condos. Initial preparation work on the site started earlier this month.

But Bosa has a big hurdle to jump before he actually can start building the towers: convincing a bank to give him a construction loan.

It's no mean feat. Before getting financing, Bosa said he has to sell more than half the condos. And they're not cheap at $525,000 to $1.5 million each.

Bosa is working on drumming up interest among potential buyers now with the hopes of selling his first condos next month.

Bank of America Corp. funded Bosa's first high-rise in San Diego. Bosa said he expects to work with the bank again in Irvine. Bank of America could be the lead lender with another bank or two also kicking in financing.

Bosa said he expects to put his own money into the project-about 20% of the total cost.

"I am risking my own money and taking a big leap," he said.

While Marquee at Park Place has stirred a lot of talk about high-rise homes here, Bosa has the market to himself for now.

Local developers have stayed clear of high-rises because of higher building costs and potential construction-defect lawsuits.

But with OC's last big housing developments countable on one hand, market watchers say we're in for a future of building homes within already developed areas, or building up.

Bosa said he hasn't talked to anyone at The Irvine Company-the developer largely responsible for Irvine's low-rise look-but is aware of the city's dominant landowner.

Bosa has had his share of issues that come with high-rise building. Like other developers, he's been picketed in San Diego for using some non-union labor.

In Vancouver, a group called the Coalition of Owners of Leaky Condos has listed some Bosa projects in British Columbia that it believes to have water leaks, mold and other problems.

As for Marquee's relatively high prices, they are essential for a market with high housing and construction costs, Bosa said.

"I couldn't buy a cheap piece of land where house prices are not high," Bosa said. "It would never pencil out."

The steel and concrete construction of high-rise homes is more costly than wood construction used for most homes and smaller apartment and condo projects.

Building underground parking also can be costly, said Stephen Role, president of San Diego-based Roel Construction Co. Roel built Bosa's first high-rise, Horizons, in downtown San Diego.

Bosa's Irvine towers are set to have two levels of parking below ground and two above. The condos themselves would start on the third floor.

While Bosa downplays the significance of his Irvine project, he isn't beyond boasting.

"I am not new to pioneering," he said. "That's been the story of my life. I like the challenge, I guess."

The story of Bosa's life would make for a classic American tale of an immigrant who rises from rags to riches, if it wasn't for the fact that he's Canadian. Or really, Italian-Canadian.

The Bosa family left its farming life in Treviso, Italy, in the 1950s for Vancouver. Bosa is the eighth of 11 children and was 13 when he his family came to Canada.

In his youth, Bosa started working construction alongside his older brothers. Then, in the early 1970s, the siblings built an apartment complex. Later that decade they built their first Vancouver high-rise.

Bosa started Bosa Development in 1986, around the time Vancouver's government started a push to revitalize the city's downtown. Bosa bought a parcel from the government on the rundown east side, betting it would become fashionable to live there within a decade.

"A lot of people were not ready to move downtown 13 years ago," Bosa said. "I was the first to test the waters."

Bosa said he saw Asians, particularly Chinese concerned about the return of Hong Kong to China, were scooping up downtown land and spearheading Vancouver's rebirth.

In all, Bosa has had a hand in the development of some 24,000 homes and commercial and industrial projects worth around $3 billion.

The company now has three projects going in Vancouver and another in Calgary, Alberta. He just opened his second San Diego high-rise with a third set for next year.

Bosa lives in upscale West Vancouver with his wife and four children and has a second home at his Horizons tower in San Diego. He said he has long dreamed of developing in OC.

Since the 1970s, Bosa said he and his family have vacationed at the Newport Beach Marriott Hotel & Tennis Club in Fashion Island. He said he loves everything about the Golden State.

"The Beach Boys gave a big boost to California," he said.

In his frank style, Bosa said he picked Park Place because it is the only land he knows of that already is zoned for high-rise.

"Luxurious high-rise residential buildings have been part of our approved development plans since 1989," said William Lane, managing director of Dallas-based Trammell Crow Co., which owns Park Place.

Lane was one of some 100 real estate players, bankers and politicians who attended Bosa's ceremonial groundbreaking earlier this month. Irvine Mayor Larry Agran has long envisioned a downtown for his city and believes Jamboree Road could be it.

"The mixed-uses and pedestrian-friendly development will enhance the quality of life for all who live and shop and do business in Irvine," Agran said.

Bosa said he would like to do more high-rises in OC but doesn't expect it will be easy.

"It's going to be a challenge to find sites that are suited and cities willing to do high-rises," he said.