The new owner of the Newport Summit office complex in Irvine is eyeing a conversion of the property to residential, adding to a growing list of residential projects in the vicinity of UCI Health’s new hospital campus along Jamboree Road.
Recent filings with the City of Irvine’s planning department indicate that plans for a 422-unit residential building are being considered for Newport Summit, a two-building office park at 19600 and 19700 Fairchild Road that totals about 111,500 square feet.
The mid-rise offices sit next to the larger Google Center office complex, close to the intersection of Jamboree Road and MacArthur Boulevard. Despite the office complex’s name, the project has an Irvine address.
Some accessory retail is also eyed for the development alongside the multifamily residential units, city filings indicate. A timeline for the project moving forward hasn’t been disclosed.
Multifamily Developer
A conversion for the office property had been expected since the March sale of the property to an affiliate of Cityview, a Los Angeles-based firm that specializes in developing and acquiring multifamily projects.
The developer was founded in 2000 by Henry Cisneros, who was HUD Secretary in President Clinton’s administration.
Cityview paid $34.5 million for the Irvine property, or roughly $309 per square foot.
The complex was sold by an affiliate of TPG Angelo Gordon, which had held a stake in the campus since 2018, property records indicate.
Cityview took out a $20.5 million loan with Banc of California to fund the deal, records indicate.
The offices have traded hands at least seven times since 2007, CoStar records indicate, often selling as part of larger portfolio deals. Newport Summit’s owners over that time have includes EQ Office, Lincoln Property, Bixby Land Co. and Maguire Properties.
More to Come
Newport Summit sits on the opposite side of Jamboree Road near Uptown Newport, the Shopoff Realty Investments-spearheaded development that features hundreds of for-sale and rental units. That project, being built in phases, saw its first rentals open about six years ago.
The biggest development in the immediate area, the multi-building UCI Health-Irvine medical campus along Jamboree Road, is set to open its main hospital for patients in December.
Numerous other housing projects are being considered at nearby office sites in both Irvine and Newport Beach.
Irvine planning records indicate that residential plans have been considered for a portion of the Centerpointe office campus, which sits to the immediate west of Newport Center. A proposal for turning that 14.2-acre site into a residential project holding up to 830 units was filed in May, records indicate.
