Lowe, Affinius, Centennial Break Ground on 408-Unit Carina at MainPlace

• Lowe leading 408-unit multifamily project in Santa Ana
• Partnership includes Affinius Capital and Centennial
• Part of broader MainPlace mixed-use redevelopment

What the groundbreaking means for the MainPlace transformation

Construction is underway on The Carina, a 408-unit apartment development that marks a major step in repositioning MainPlace from a traditional retail center into a mixed-use destination. The project reflects a broader trend where underperforming retail assets are being redeveloped into residential-driven mixed-use environments. Adding housing introduces a built-in customer base that supports long-term retail viability.

What the scale means for Santa Ana housing supply

With 408 units, The Carina represents a significant addition to Santa Ana’s housing inventory. Projects of this size are increasingly important in Southern California, where supply constraints continue to push rents higher. Delivering new units in established areas helps meet demand while leveraging existing infrastructure and amenities.

What the mixed-use strategy means for long-term value

The development is tied directly to the evolution of MainPlace, including the addition of a 1.25-acre culinary district designed to attract foot traffic and activate the property. By combining residential with curated retail and dining, the project creates a live-work-play environment that enhances both tenant experience and asset value. This approach diversifies revenue streams and helps stabilize performance across market cycles.

What the partnership means for execution

The joint venture brings together development, capital, and operational expertise. Lowe leads development, while Affinius provides investment backing and Centennial contributes retail and operational experience. This type of partnership structure reduces execution risk and ensures the project benefits from institutional-level oversight across all phases.

What this means for retail-to-residential conversions

The Carina is part of a growing wave of projects transforming shopping centers into mixed-use communities. As retail demand evolves, landlords are increasingly turning to residential as a way to unlock value and drive consistent foot traffic. In high-barrier markets like Orange County, this strategy is becoming a key driver of redevelopment.