Starboard Realty Partners in Newport Beach is looking for a buyer of the 350-unit Newport Crossings project proposed in its hometown.
The developer got city approval earlier this year for the mixed-use complex not far from John Wayne Airport, which would be on a roughly 5.7-acre site that’s currently home to the MacArthur Square shopping center.
The Irvine office of Land Advisors Organization LLC has the listing for Newport Crossings.
Offers are due by July 24 for the property, which is being marketed by LAO’s Mike Hunter, Chris Shiota, and Allison Rawlins Tift.
“We are very excited to represent Starboard in this extraordinary opportunity to build an apartment community within Newport Beach, the most prestigious zip code in Orange County,” said Hunter, senior vice president at the land brokerage.
“What makes this opportunity even more unique is the fact that it’s all approved by the city, and the apartments will be virtually ready to build. Starboard so adeptly teamed up with the city of Newport Beach, allowing for the lowest impact fees I’ve seen in years.”
2 Year Process
Starboard Realty paid $19 million for the eight-building portfolio totaling 57,722 square feet in early 2017.
Planning for the project began shortly thereafter. A denser development, called the Residences at Newport Place, was first eyed for the site but didn’t get city approval.
The developers got the green light in February to build a complex with four- and five-story buildings holding 350 units, including studios, one- and two-bedrooms, as well as 7,500-square-feet of retail, and a six-story parking garage.
About 22% of the units will be designated affordable. The units will range in size from approximately 590 square feet to 1,200 square feet, according to marketing materials for the site.
Amenities will include a rooftop deck, pool, 0.5-acre park, and 1,200 square feet of outdoor dining.
Starboard Co-Managing Partner Dan Vittone said the development “will provide a much needed affordable housing component to the city, while providing onsite retail to serve the new residents and nearby business community.”
High Price?
An asking price for the project was not disclosed, but brokers familiar with Newport Crossings point to Irvine Co.’s 980-unit Village at Park Place in Irvine as a good comparison.
The Newport Beach developer paid LBA Realty about $101 million, or $105,000 per door, for the land near JWA in 2011.
That same price would put Newport Crossing’s sale around $37 million.
