USA Infrastructure Investments, the Dallas-based firm that joined on as a developer at the Uptown Newport site near the Newport Beach and Irvine city line, is moving ahead on plans for its portion of work at the property.
The company recently secured an $80 million construction loan for the build-out of a 66-unit luxury condominium project, and plans to break ground early next year.
The move comes about a month after USAI acquired the one-acre parcel from Irvine-based Shopoff Realty Investments for a reported $26.3 million.
Los Angeles-based Parkview Financial provided the loan.
Pricing Revealed
Shopoff bought the 25-acre site, formerly part of an office campus, in 2010 for a reported $23.5 million, and secured residential entitlements in 2013.
USAI’s new six-story project will include 66 luxury condominium units that will range from a 1,100-square-foot one-bedroom unit to three-bedroom units totaling 3,285 square feet.
Pricing is expected to range from $1.1 million to $4.3 million.
The site will include a fitness center, resort-style pool, underground parking and a ‘modern air management’ system.
It is designed by Lucien Lagrange Studio, which is known for its work at the Chicago Park Hyatt and the Chicago Waldorf Astoria.
Latest Upscale Project
Uptown Newport is entitled for 1,244 residential units in a mix of rentals and for-sale condos, along with 11,500 square feet of commercial space and two one-acre parks. The project is being built out in two phases.
The first phase is already well underway. The 458-unit One Uptown Newport luxury apartments, now open, has been showing strong initial demand, according to Shopoff.
Construction for the USAI condominiums is expected to wrap in late 2022.
It’s among the larger upscale condo developments to be built in the city in recent years. Comparable projects include 2015’s Meridian, a 79-unit complex in Newport Center built by The New Home Co.
Prices there ranged from $1.5 million and $4 million when it first hit the market.
The condominiums at Uptown Newport are being targeted to local homeowners interested in downsizing from high-end single-family homes, developers said.
