Costa Mesa planners get the buzz on Hive Live, a 1,050-unit complex landing soon
Planning commissioners took a look at the proposal, and the laundry list of entitlements being sought by applicants for the 14.25-acre parcel, during a study session Tuesday ahead of a June 9 hearing.
The review comes nearly two years after the project was initially screened by the Costa Mesa City Council in August 2023. Panelists then gave developer Legacy Partners their consent to move ahead with the project.
The firm's regional office in Irvine is overseeing the plan, which proposes three five-story buildings with 1,756 parking spaces to accommodate tenants, 3,692 square feet of retail occupancy and roughly 7.7 acres of total open space at 3333 Susan St.
Planning commissioners will be asked in June to consider a general plan amendment and zone change allowing for high residential uses, as well as amendments to the North Costa Mesa Specific Plan, which establishes building standards for the area.
Hive Live would also operate under a separate master plan imposing requirements specific to the property, which would be broken up into three separate parcels to accommodate three phases of development.
Although not part of the project currently under consideration, developers have offered neighboring defense contractor Anduril, the headquarters of which border the Susan Street property, first right of refusal to build an additional office building at the southern end of the property.
That decision would dictate which of the three Hive Live parcels would be constructed first. Anduril is located directly west of the proposed housing complex, across from a jointly managed strip of land called the Rail Trail, planned to connect bike trails in Costa Mesa and the city of Santa Ana to the north.
To increase the value of that connectivity, the applicant is proposing pedestrian 'paseo' areas in between the buildings, where amenities would include seating, artwork and landscaping.
Legacy Partners has offered to make 105 of the project's 1,050 total units — or 10% — affordable to low-income renters for a period of 55 years, in exchange for a 20% density bonus through the state.
Any further community benefits, such as payments to the city for infrastructure and public services, will be outlined in a developer agreement that is still being negotiated and which will likely remain in effect for a period of 20 to 30 years after units become completed.
Tim O'Brien, a senior managing director at Legacy Partners, explained how the concept for Hive Live began five years ago as the city was in the process of updating the housing element portion of its general plan and eyeing industrial areas north of the 405 Freeway for residential developments with higher densities.
'It was just kind of an inkling, like, depending on what the city's looking for here, maybe this could be a site that could be offered up,' O'Brien recalled Tuesday.
'The vision became, well look, we have a big (housing) obligation to the state, it calls for density, we think this density should be in the northern part of the city — that's the whole premise of this.'
The Irvine-based developer also built 580 Anton, a 240-unit luxury apartment building in Costa Mesa's South Coast Metro district, as well as nearby Bloom South Coast in Santa Ana.
O'Brien said the firm's target market for Hive Live is professionals aged 25 to 45, though each of the three residential buildings on the site would be aimed at different audiences within that demographic.
The southernmost building, dubbed 'The Innovator,' would include 315 residential units and a 538-space parking garage, along with all the retail space and a public common area, for an active and social population with modern influences.
Directly north of that, 'The Explorer' would be built out with 346 units and 572 parking spaces in a design appealing to creatives and outdoor adventurers looking for laid-back luxury.
A third building 'Eco Enthusiast' would be the largest construction phase and include 389 units, along with a 643-space parking structure and a design focused on wellness, meditation and a refined, natural look.
'They all have these individual interests — everybody's different,' O'Brien told commissioners of the envisioned tenant profiles. 'It just helps us to create themes and feel for our buildings; it helps us create a sense of place, of character.'
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The executives behind Palmer Luckey's new digital banking startup Erebor include banking, politics, and Big Law vets
Anduril cofounder Palmer Luckey is launching Erebor, a bank that will serve crypto clients and startups. BI obtained a memo that describes leadership at the neobank. The executives have ties to traditional banking, politics, and Big Law. Palmer Luckey, CEO of defense tech giant Anduril Industries, is quietly building a new digital banking venture — and we now know more about who will be helping him. The startup, Erebor, is raising $225 million at a $2 billion valuation, Business Insider reported in July. It has backing from Peter Thiel's Founders Fund and Joe Lonsdale's 8VC. It filed for a national bank charter in June, and will serve clients like crypto companies and startups — a niche once occupied by Silicon Valley Bank. While little has been publicly revealed about Erebor so far, documents obtained by Business Insider shed some light on the team behind it. Luckey and four cofounders — Trevor Capozza, Jacob Hirshman, Aaron Pelz and Owen Rapaport — are at the helm, according to a fundraising memo that described the company's leadership and plans. Hirshman and Rapaport are listed as co-CEOs of Erebor, per the memo. Three other executives — chief risk officer Joshua Rosenberg, chief financial officer Ricky Grant, and chief credit officer Vlad Dubinsky — have backgrounds in banking and bank regulation, and their involvement with the company hasn't previously been reported. A banking lawyer at Skadden who appears on Erebor's bank charter application and is listed as its spokesperson didn't respond to a request for comment. Here's what we know about the names. Founder: Palmer Luckey Luckey is the founder of Erebor, according to the memo. He previously cofounded Anduril, a defense tech company that makes AI-powered autonomous military systems, in 2017. 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Capozza began his career at Optimozo, a private company, where he did asset management, his LinkedIn profile shows. His name has appeared in tax forms filed by a Luckey-linked nonprofit, the Pacific Treasure Foundation, as well as in registration paperwork for a virtual-reality news website, a firm called Trisolaris LLC, and another business called Project Passive LLC. Capozza declined to comment. President: Michael Hagedorn Hadegorn is Erebor's president, his LinkedIn shows. According to his profile, the fintech startup "seeks to revolutionize banking services for the innovation economy." Hadegorn has held executive positions at UMB Financial Corporation and Valley National Bank. He started his career at Wells Fargo, where he worked for nearly 17 years. At Wells Fargo, Hagedorn led the Midwest banking group for five years, his LinkedIn profile shows. Hagedorn didn't respond to a request for comment. Co-Founder/Co-CEO: Owen Rapaport Rapaport is listed as a co-founder and co-CEO of Erebor focused on "product, credit, and customer success," the memo says. Before joining Erebor, Rapaport cofounded and served as CEO at crypto-monitoring company Aer Compliance, which merged with StarCompliance in 2024. Before that, he worked at Electrum, a bitcoin wallet company, and was a consultant at Bain & Company, according to his LinkedIn. Co-Founder/Co-CEO: Jacob Hirshman Hirshman is listed as a cofounder and co-CEO of Erebor and is focused on "sales, marketing, and regulatory" work, the memo says. Hirshman's LinkedIn profile lists him as a cofounder of a "stealth startup." Hirshman works at stablecoin issuer Circle, which debuted on the New York Stock Exchange in early June, as an advisor, according to his LinkedIn. Before that, Hirshman spent almost a year as an associate at Sullivan & Cromwell after graduating from law school at the University of Pennsylvania, his LinkedIn profile says. Pelz is listed as a cofounder and chief technology officer of Erebor, according to the memo. He previously worked at Pinwheel, a fintech startup, where he led engineering, according to his LinkedIn, which says he left the company in March. Pelz previously worked in software engineering at Quorum, which makes public affairs software. Pelz didn't respond to a request for comment. Chief Financial Officer: Ricky Grant Ricky Grant is listed as Erebor's chief financial officer, according to the memo. He spent nearly two years at Customer Bank, a fast-growing Philadelphia bank, as its head of investor relations and strategic finance, according to his LinkedIn profile. Customers Bank was faulted by the Federal Reserve in 2024 over shortfalls related to crypto risks. The bank's CEO said it has since spent millions of dollars to come into compliance. The American Banker reported that it holds dollar-denominated deposits for large crypto exchanges and has a large venture lending portfolio. Before working at Customers, Grant worked in investment banking for JP Morgan Chase and Goldman Sachs, according to his LinkedIn profile. Goldman listed him in its managing director class of 2019. He didn't respond to requests for comment. Chief Risk Officer: Joshua Rosenberg Rosenberg listed on his LinkedIn that he is working with Erebor after completing a nearly two-year stint at United Texas Bank, a Dallas financial institution that is a key cog in the crypto business. His LinkedIn and the memo describe him as Erebor's chief risk officer. He joined United Texas Bank in 2023 after a 22-year career at the Federal Reserve Bank of New York. In April, The Information reported that Rosenberg was brought on by UTB to "beef up" its compliance efforts amid regulatory scrutiny from the Federal Reserve over its crypto-related activity. Previously, Rosenberg was an assistant finance professor at the NYU Stern School of Business, according to his LinkedIn. He has a Ph.D. in economics from the University of California San Diego. Chief Credit Officer: Vlad Dubinsky Vlad Dubinsky is listed as Erebor's chief credit officer in the memo. Dubinsky's LinkedIn profile says he joined The Bancorp Bank in May as a managing director, credit markets. Bancorp is known for working with fintech companies that issue payment cards. According to his LinkedIn profile, Dubinsky spent over three years working for Blue Foundry Bank, a New Jersey bank with a market capitalization of about $200 million that has been gravitating "away from residential and multifamily lending and toward higher-yielding commercial loans," according to the American Banker.
