Irvine-based WGE Capital Group bought the land for its planned 700,000-square-foot mixed-use Banc Hotel project in Irvine, about a mile from John Wayne Airport.
The company paid $33.3 million for the 6.2-acre site, a vacant parcel near Jamboree Road and Michelson Drive. It’s between the Boardwalk office development and 2722 Michelson, the creative office home of Palmer Luckey’s Anduril Industries and digital marketing and tech firm Viant.
Houston-based developer Hines was the seller.
The deal, which closed last month, was backed in part by a $30.5 million financing package from Madison Realty Capital and The Bluestone Group.
The land buy is the latest step forward for a project that promises to be among the area’s unique developments. WGE Capital, a company formerly called HJ Capital and led by John De Vries, received city approvals for its plans this year.
The Banc project is envisioned to include a 258-room hotel—potentially the city’s first five-star one—144,000 square feet of office space, an 11,000-square-foot medical office building, a 33,000-square-foot fitness facility, a 20,000-square-foot spa and a separate nine-story parking structure.
Other amenities envisioned include a nearly 10,000-square-foot food hall called PiggyBanc with several new food concepts, as well as a 45,000-square-foot, open-air entertainment venue touted as “the Banc Beach Club” and access to a private plane at JWA.
Project estimates top $330 million; no construction financing has been announced, nor a timetable for construction.
WGE Capital has selected Architects Orange and HBA Interior Design to design the buildings and interior spaces.