Park Newport LP wants to add 366 new multifamily units to its Park Newport Apartments property in the shadows of Newport Beach’s Fashion Island.
According to public documents, the city of Newport Beach is considering a proposal to expand the apartment complex, which is already home to 1,306 apartments across 52 acres.
Based on an average cost of $800,000 a unit, the project, located across Jamboree Road from Fashion Island, may exceed an estimated $293 million.
Public documents filed with the City of Newport show Park Newport Land proposed to develop 360 new apartments at the Fashion Island multifamily property. Another six units would be demolished and redeveloped.
The expansion of Park Newport, the largest apartment complex in the vicinity of Fashion Island, is the latest housing project proposed near the Newport Beach shopping center. Irvine Company recently proposed a combined 800 apartment units at Villas of Fashion Island – located at 1000 San Joaquin Plaza – and Newport Center’s Block 100 – a planned four-building multifamily development at 11 Newport Center Drive.
Irvine Co. also plans to convert a portion of an office campus at MacArthur Court in Newport Beach into a residential development with 700 units. MacArthur Court is located near from John Wayne Airport.
Prado Group Behind the Expansion
The property is owned by San Francisco-based Prado Group, a privately held real estate investment and development group that also owns two Aliso Viejo complexes called Barcelona with 590 units and St. Moritz with 675 units.
The pitch at Park Newport is “Blufftop Living on Newport’s Back Bay.” Famous residents of Park Newport over the decades have included actors Telly Savalas and Raquel Welch, and athletes Joe Torre, Bobby Riggs and Dennis Rodman.
The redevelopment and expansion would be in a six-acre portion of Park Newport, where a leasing building, reflecting pool, tennis court, 260-vehicle parking structure and six units exist.
The 360 new units would consist of 285 market-rate apartments and 15 set aside for low-income tenants. The other 60 new apartments are “density bonus” residences, an indication of affordable housing units.
Park Newport’s new units would feature 151 two-bedroom, 138 one-bedroom, 40 studio and 31 three-bedroom apartments, with an overall average size of 950 square feet.
The new units would be built in two phases, per public documents, with a 12,000-square-foot amenity space and 7,000 square feet for retail to be included in Park Newport’s expansion.
City documents also show the Park Newport expansion is not within a fire hazard zone, wetland, hazardous waste site or earthquake fault zone.
The 1,306-unit multifamily property is located at 1 Park Newport, Newport Beach, and currently features seven pools, a clubhouse and 10 courts for tennis, sand volleyball and basketball. The two-level administration and leasing building features a small market, dry cleaning and hair salon.
Newport Beach Housing Wave
Newport Beach plans to rezone several areas within the city for residential projects, consistent with a California mandate to address affordability and housing shortages.
The Newport Beach City Council specifically approved a plan to rezone the airport area to allow for 2,577 new housing units. The other four regions are Newport Center (2,439 new housing units), Coyote Canyon (1,530), West Newport Mesa (1,107) and Dover/Westcliff (521).
California Gov. Gavin Newsom has set a goal to build 2.5 million new housing units by 2030, saying it will reduce home prices and create more choices.
The state legislature has imposed a series of laws dictating how many units each city must build. Cities that don’t meet the mandates can be fined, lose the power to control their own zoning or be sent into a court receivership and have decisions made for them.
Newport Beach approved its plan to rezone the city for more residential developments as part of California’s housing mandate for all cities. The mandate, or Regional Housing Needs Assessment, requires all California cities to allocate several residential units within their respective general plans. It specifically requires cities to set aside designated sites and rezone areas to meet the state mandated housing goals.
