53.2 F
Laguna Hills
Thursday, Mar 28, 2024
-Advertisement-

OC Museum of Art Selling Newport Center Property

The Orange County Museum of Art said on Monday that it is negotiating with a unit of New York-based developer Related Companies to sell its Newport Center property.

OCMA said it has entered into a 90-day exclusive negotiation period with Related California for the re-entitlement and development of the museum’s current site along San Clemente Drive in Newport Beach.

A sales price for the 2-acre property has not been disclosed. Other land eyed for development around Fashion Island has sold for as much as $10 million an acre.

Related California has not disclosed its plans for the site. The company has developed more than 8,000 multifamily and mixed-use residential properties in California.

OCMA is raising money to build a new gallery on land it owns next to the Segerstrom Center for the Arts in Costa Mesa.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-