A real estate firm based in Irvine has purchased nearly 30 acres in Huntington Beach with plans to redevelop the property as a resort with commercial and residential space. Shopoff Realty Investments acquired the 28.6-acre parcel adjacent to Magnolia Street and Banning Avenue for $26.5 million, according to a company news release.
According to Bloomberg, which first reported the acquisition, Shopoff is allocating $500 million to the development and has already met with the Huntington Beach Wetlands Conservancy, which monitors the local wetlands, to consult about the potential environmental impacts of the project, but specifics have not yet been disclosed. The project will take at least several years to complete and will require some spot environmental cleanup as it proceeds.
The 26.5-acre lot, about 400 yards from the entrance of Huntington State Beach, is currently home to derelict oil tanks and pumping equipment. The site contains three 500,000 barrel tanks which will be removed before the project begins. The oil tanks have a combined capacity of 63 million gallons of petroleum. William Shopoff, chief executive of Shopoff Realty Investments, said the parcel is in a phenomenal location just a stone’s throw away from the Pacific Ocean. Redeveloping a parcel so long abandoned will be a formidable challenge, but if Shopoff can pull it off it should bring up real estate valuations for the surrounding area.
The replacement of an aging industrial facility with a well-designed mixed-use development will provide the community with improved aesthetics and access to better services, said John Santry, Shopoff’s executive vice president. The development will include a high-tier hotel, restaurants and housing.
This is not the first time Shopoff has tried upgrading old industrial areas into high-class mixed-used residential and commercial developments. Other Shopoff projects include the Uptown Newport Village near John Wayne Airport. The project will replace a pair of aging industrial buildings on 25 acres near the airport with a walkable neighborhood of shops, restaurants, parks and upscale homes and apartments. In a traditionally low density developmental environment, making a walkable mixed-used community will be a breath of fresh air in the traditionally low-density, low-height design philosophy that prevails in much of Newport Beach.
The first phase of the Uptown Newport Beach Village project will cost $225 million and include 575 units. Much of the housing will be apartments, but there will also be condominiums and town houses up for sale. Shopoff predicts that most of the initial dwellers will be young and single, but purchasers will a combination of “move-up” and “move-down” buyers. Uptown Newport is probably the second-largest planned housing development in southern Orange County outside of Great Park with an extremely attractive proximity to the beach. Located in South County, Uptown Newport will be close to where the majority of new jobs in Orange County are being generated, another draw for younger renter crowd.
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(all data current as of 10/17/2017)
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