Posted July 2026 | By Eric Engelbert | Updated as the project moves toward construction.
A 16-Story Apartment Tower and Hotel Are Planned for Downtown Santa Ana
One of the most significant development projects in downtown Santa Ana has been approved and permitted, but it has not yet broken ground. The 3rd & Broadway Promenade, proposed by Santa Ana-based Caribou Industries, would bring two high-rise buildings to the corner of 3rd Street and Broadway: a 16-story residential building with 171 apartments above ground-floor retail, and a 10-story hotel with 75 rooms, a rooftop restaurant, and a ground-floor cafe. The City of Santa Ana owns the land and has a signed agreement with Caribou Industries to see the project through.
Building permits were paid in December 2023, which is typically a strong signal that construction is imminent. The project has been delayed, however, by utility coordination requirements with Southern California Edison. As of July 2026, the project remains in pre-construction while that work continues. This blog covers what is planned, what the land deal looks like, who is building it, and where things stand today.
The Site: City-Owned Land at the Heart of Downtown
The project site at 201 W. 3rd Street occupies a block in the core of downtown Santa Ana, at the intersection of 3rd Street and Broadway. The City of Santa Ana owns the property, which currently holds a surface parking structure that would be demolished to make way for the new development. The site is walkable to the 4th and Sycamore light rail station and sits in one of the highest-foot-traffic corridors in the city, with a walkability score of 97 out of 100.
Sycamore Street, which was previously cut off, would be reconnected to both 3rd and 4th Streets as part of the project, improving circulation through that block. The city's decision to redevelop this land rather than hold it as parking reflects a broader push to bring density, housing, and hotel tax revenue into the downtown core. Because the city owns the land, it entered into a Disposition and Development Agreement (DDA) with Caribou Industries rather than a traditional sale, giving the city ongoing oversight of the project timeline and terms.
Project Details: Two Buildings, Two Uses
The 3rd & Broadway Promenade is designed as two separate but connected buildings. Building A is the residential high-rise, and Building B is the hotel. Together they bring nearly 250 keys and units to a single city block in downtown Santa Ana, along with restaurants, retail, and a public event space.
Building A: Residential
| Address | 201 W. 3rd Street, Santa Ana, CA |
|---|---|
| Building Height | 16 stories |
| Residential Units | 171 apartments (studio, 1BR, 2BR) |
| Affordable Units | 19 units restricted for very low-income households |
| Commercial Space | 13,419 SF retail / restaurant |
| Parking | 444 total spaces (211 public replacement spaces) |
| Secured Residential Parking | 198 spaces |
Building B: Hotel
| Building Height | 10 stories |
|---|---|
| Hotel Rooms | 75 guest rooms |
| Hotel Rating | Three-star |
| Amenities | Rooftop restaurant, ground-floor cafe, lobby |
Overall Project
| Architect | Gensler |
|---|---|
| General Contractor | Swinerton Inc. and Caribou Industries |
| Other Features | Outdoor event center; Sycamore Street reconnection to 3rd and 4th Streets |
| DDA Approved | March 2021 |
| Escrow Closed | December 2022 |
| Permits Paid | December 2023 ($5.6 million in building permits) |
| Current Phase | Pre-construction (pending SCE utility coordination) |
About the Developer: Caribou Industries and Mike Harrah
Caribou Industries was founded in 1977 by Michael F. Harrah, who has been one of the most active private real estate developers in downtown Santa Ana for nearly 40 years. Based in Santa Ana, Caribou Industries has acquired, developed, or renovated more than 7 million square feet of office, retail, and residential properties across California, Arizona, Nevada, and Hawaii. The company is one of the largest real estate owners and property managers in Santa Ana.
The 3rd & Broadway Promenade is Caribou's largest Santa Ana project to date. The company is also the developer behind One Broadway Plaza, a long-planned 37-story mixed-use tower in downtown Santa Ana that dates back to a 2004 city approval for an office use. After decades of planning adjustments, Caribou is now proposing to convert One Broadway Plaza to 602 market-rate apartments, a pivot that reflects the same office-to-residential shift that has reshaped development decisions across Orange County. Together, the two projects represent Caribou's vision for a transformed downtown Santa Ana with residential density, hotel amenities, and ground-floor activation at some of the city's most central addresses.
The City of Santa Ana's involvement as the land owner for the 3rd & Broadway site, combined with the Disposition and Development Agreement structure, means Caribou is building on public land under a city-overseen timeline. Gensler, one of the largest architectural firms in the world, designed the project, and Swinerton Inc., a national contractor known for major commercial and multifamily work, is set to serve as general contractor alongside Caribou's own construction team.
Where the Project Stands: Permitted but Pre-Construction
The 3rd & Broadway Promenade has city approval through the Disposition and Development Agreement executed in March 2021. Escrow on the land closed in December 2022. In December 2023, Caribou paid $5.6 million in building permits, which is a meaningful financial commitment that signals genuine intent to build. Despite those milestones, construction has not yet started as of July 2026.
According to the City of Santa Ana's FAQ page for the project, the primary cause of the delay is a utility coordination requirement with Southern California Edison. Specifically, SCE requires electrical load data from properties surrounding the site before it can approve the infrastructure changes needed to support the development. That process has moved more slowly than the project schedule originally anticipated.
In February 2023, Caribou formally invoked an "unavoidable delay" clause in the DDA to pause the construction clock while the SCE coordination was being worked out. The City terminated that delay status in March 2025 due to a lack of measurable progress. As of early 2026, the developer has reengaged with SCE and is working toward securing temporary power, which is a prerequisite for beginning demolition of the existing parking structure. Once temporary power is in place and demolition begins, the agreement calls for project completion within roughly two years.
The City of Santa Ana has agreed to provide a loan reimbursement of up to $13 million for demolition and site preparation costs, to be repaid through parking revenues generated by the project once it opens. The City Attorney is currently in discussions with Caribou Industries as directed by the City Council in closed session in February 2026.
Apartment Pricing: Not Yet Released
No rental pricing or floor plans have been released for the 171 apartments at 3rd & Broadway Promenade. The project has not yet started construction as of July 2026, and leasing information typically is not released until a project is closer to completion. I track new development projects like this across Santa Ana and Orange County and will update this page when leasing details become available. Reach out if you want to stay informed as the project moves forward.
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