The Orange County Museum of Art said it’s negotiating with a unit of New York-based developer Related Cos. to sell its Newport Center property.
It entered into a 90-day exclusive negotiation period for the re-entitlement and development of the museum’s site on San Clemente Drive in Newport Beach.
A sale price for the 2-acre property had not been disclosed.
Other land considered for development around Fashion Island has sold for as much as $10 million an acre.
Related California hadn’t disclosed its plans for the site. The company has developed more than 8,000 multifamily and mixed-use residential properties in California.
OCMA is raising money to build a gallery on land it owns next to the Segerstrom Center for the Arts in Costa Mesa.
