As readers of our annual OC’s Wealthiest edition late last month can attest, Mark Moshayedi knows his cars.
The Newport Coast tech and real estate exec counts one of the area’s most valuable car collections; a recent addition to his garage was a new McLaren Speedtail, one of only 106 of its kind planned for production. Its cost is reported to be in the $3.5 million range.
Moshayedi is also a co-founder of Irvine’s My Car Auction, a new website and app that allows users to sell their car from their home.
No surprise then, that the owner of the Costa Mesa building where EV maker Rivian plans its first OC service center is owned by Moshayedi; his Space Investment Partners earlier this year completed the redevelopment of the nearly 52,000-square-foot site; see Kari Hamanaka’s front-page story for more.
Mark Moshayedi’s hobby is car collecting; brother Manouch is into competitive sailing, and his 100-foot Rio 100 (its previous owner sailed with Duran Duran frontman Simon Le Bon) is a two-time winner of Transpac’s “Barn Door” trophy, awarded to the fastest monohull in the Long Beach-to-Honolulu race.
This year’s Barn Door winner was Roy P. Disney, the grandnephew of Walt Disney.
For more on the latest Transpac, which took place last month, see our page 41 Leader Board, written by Whittier Trust CEO David Dahl.
Among Dahl’s co-captains on the 77-foot Compadres was Cushman & Wakefield executive director Don Yahn; see this page for more on the brokerage’s new managing principal.
Housing development at Irvine’s Great Park Neighborhoods has largely been focused on for-sale homes to date.
That’s been by design, according to FivePoint Holdings Chairman and CEO Emile Haddad, who this month noted how the legacy and recent focus of Irvine’s other big master-planned developer have had an impact on his firm’s focus.
“We came into this market and are coexisting with the Irvine Co.,” Haddad said, speaking to analysts following the company’s (NYSE: FPH) latest earnings report this month. “It was very important for us to establish the proper synergy with the Irvine Co.”
With the Newport Beach-based developer building thousands of rental units in the Irvine Spectrum area over the past decade, “we did not want to put ourselves in a position to compete with them, and [we wanted to] establish a relationship that’s more a neighborly relationship, [one that’s] respectful of the fact that this has been their market,” Haddad said.
He characterizes Irvine Co. as now being in “a different phase right now,” and noted they’re shifting away from apartments and building more offices in the area.
That gives FivePoint the opportunity to build more income-producing properties on its land in the near future, he said.
Both FivePoint and Irvine Co. could have more opportunities to build affordable housing projects and other types of homes on their land in the city, Haddad told the Business Journal last week. See our front-page story for more.
