Orange County Business Journal

OC Museum of Art Selling Newport Center Property

Mark Mueller Monday, July 14, 2014

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.