Lowe And Affinius Capital Push 408-Unit Housing Project At Santa Ana MainPlace Mall

• Lowe, Affinius Capital, and Centennial launch 408-unit multifamily project at MainPlace Mall
• Project continues mall-to-residential shift across Orange County
• Development tied to new retail dining district and broader mixed-use strategy

What The Carina project means for mall redevelopment

Developers have officially broken ground on The Carina, a 408-unit multifamily project at MainPlace Mall in Santa Ana. The development is being led by Lowe in partnership with Affinius Capital and Centennial Real Estate. This marks the second residential phase at the mall following the completion of the Paloma apartments in 2023. Together, these projects signal a clear repositioning of the retail center into a mixed-use environment. The shift reflects a growing trend where underperforming mall land is being converted into housing to unlock higher long-term value.

What the scale and design mean for renters

The Carina will rise five stories and include a mix of studio, one-bedroom, and two-bedroom units built above structured parking. The project leans heavily into lifestyle-driven amenities, including a resort-style pool, coworking areas, fitness center, and large landscaped courtyards. More than 84,000 square feet of outdoor space is planned, reinforcing the push toward experiential living. This type of amenity-rich product is designed to compete with newer Class A multifamily developments while attracting renters priced out of nearby coastal markets.

What the retail integration means for mixed-use strategy

The residential development is directly tied to the new MainPlace Culinary District, a 20,000-square-foot dining and retail expansion across the street. This integration is key. The goal is to create a walkable live-work-play environment that connects housing with retail and dining, increasing foot traffic and overall asset value. By aligning residential density with curated retail, developers are repositioning the mall as a destination rather than a traditional shopping center.

What this trend means across Orange County

The MainPlace redevelopment is part of a broader shift across Orange County, where malls are being reimagined as mixed-use communities. Cities are actively supporting these projects to address housing shortages. Similar plans are underway in markets like Brea, Westminster, Buena Park, and Laguna Hills. Large-scale proposals like The Village Santa Ana, which could bring over 1,500 units near South Coast Plaza, further highlight the scale of this transition.

What this means for investors and landlords

This project reinforces a major trend in retail real estate. Malls are no longer just retail plays. They are becoming residential and mixed-use hubs. For investors, the opportunity lies in repositioning well-located retail assets with excess land into housing-driven developments. As housing demand continues to outpace supply in Southern California, these hybrid projects are likely to deliver stronger, more stable long-term returns.