A 56,000-square-foot warehouse in Costa Mesa that once housed clothing company RVCA was recently sold and could be targeted for conversion into a 38-unit live/work condominium project.
CoStar data and public documents show MAS Investments LP sold the warehouse formerly leased by RVCA to Newport Beach developer Intracorp SoCal LLC for an undisclosed amount. The property’s asking price was $21.7 million, per CoStar data.
Costa Mesa 38 Development LLC was listed as the recorded buyer, according to a copy of the grant deed acquired by the Business Journal. The company shares an address with Intracorp SoCal, per a search of public documents. Brad Perozzi, president of Intracorp SoCal, is the buyer’s registered agent, per the California Secretary of State.
Costa Mesa’s Planning Commission weighed in on an application by Intracorp Homes, the parent company of Intracorp SoCal, to build 38 live/work units at the warehouse site, which sits on 2.3 acres near the border of Costa Mesa and Newport Beach.
City staff, in a report presented to planning commissioners on Feb. 10, said the proposed live/work development would “expand Costa Mesa market-rate ownership housing” while also enhancing “neighborhood aesthetics” and contributing to the city’s Regional Housing Needs Assessment.
That assessment is a statewide mandate approved by the California legislature to add more housing units in the Golden State and help stabilize the market and make homebuying an affordable process.
The 38 residential units would range from 2,172 square feet to 2,329 square feet. Each unit would be a detached structure with a ground-floor workspace and second level living space, with bedrooms on the third floor.
The fourth floor would feature a partially covered roof deck. Several units would also have space for storefronts.
All units would feature three bedrooms, two bathrooms and a laundry closet. All but two units would include a ground-floor open space with either a side yard or patio area.
The sale of the warehouse building at 960 W. 16th St. in Costa Mesa was completed on Feb. 26, more than two weeks after the city’s Planning Commission members considered the 38-unit condominium proposal.
Intracorp, in a May 2024 letter to city council members, said it seeks to build this project on Costa Mesa’s westside due to it being “a desirable location for new homeowners.”
“A high-quality residential community at 960 West 16th Street will provide much needed housing for the Costa Mesa community and support for the surrounding businesses,” Intracorp SoCal Vice President of Development Rick Puffer said in his May 2024 letter to Costa Mesa City Council members.
The warehouse at 960 W. 16th St. was built in 1967.
