OC Museum of Art Selling Newport Center PropertyTuesday, July 15, 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.