Irvine-based Shopoff Realty Investments is staying busy on development plans in and outside of Orange County, with new plans to develop over 500 rental units on the largest infill development site in downtown Sacramento.
The former site of the Sacramento Bee plant is slated to become a new multifamily project totaling 538 units, according to the city’s planning department.
Shopoff acquired the 10.9-acre parcel for $57 million in 2017, about three years before the newspaper shuttered its operations and relocated to East Sacramento. It had occupied the 409,720-square-foot office and production facility since 1952.
Shopoff paid roughly $5.2 million per acre for the property from The McClatchy Co., the newspaper’s parent company.
The developer submitted plans to the city for two five-story apartment buildings with studio, one- and two-bedroom units ranging from around 500 square feet to north of 1,100 square feet. The project will also include a six-story parking garage with nearly 600 spaces.
The site would accommodate 690 multifamily units, or roughly 821,000 square feet of mixed-use development, according to Shopoff’s website.
The project’s footprint totals 5.5 acres spanning two city blocks at 2100 Q St.
Irvine-based TCA Architects is heading the design, while a unit of Santa Ana’s Tait & Associates is the civil engineer, according to city documents.
Shopoff hasn’t determined whether it will develop the project in-house or sell the property once entitled, according to the Sacramento Business Journal.
The project’s design is similar to the rental units being built at Shopoff’s Uptown Newport project along Jamboree Road, based on renderings filed with the city of Sacramento.
Sacramento Ties
The project is less than 2 miles from the Golden 1 Center, which was developed in 2016 through a $1 billion investment backed in part by another local real estate firm, Raj Capital.
Headed by the Bhathal family, the Newport Beach investment firm is a co-owner of the Sacramento Kings NBA team.
The family is wrapping construction on the final component to the sports-anchored Downtown Commons, a reimagined and renovated office building in Sacramento “designed to be a best-in-class modern office for a post-COVID environment,” Alex Bhathal previously told the Business Journal.
That project is headed by RevOZ Capital, which Raj Capital began as an early adopter of Opportunity Zone real estate investing.
Both Bhathal and Shopoff were honored by the Business Journal at the Excellence in Entrepreneurship Awards in March.
Elsewhere, Here
Markets outside of OC have kept Shopoff busy, with the firm developing a 20-story hotel in Las Vegas and recently selling a sprawling distribution center in the Inland Empire for $329 million.
Closer to home, Shopoff is finalizing approvals to kick off its redevelopment of Westminster Mall (see story, page 1).
That 26-acre parcel, which once held 1.3 million square feet of retail space and two anchor tenants at the mall, is in the process of being repurposed into 2,550 housing units, 425 hotel rooms and commercial uses including offices and retail.
Shopoff owns more than 40 properties across eight states including land, retail, industrial, office and multifamily holdings.
