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Friday, Dec 9, 2022

$90M Condo Project Starts in Newport Beach

Irvine-based Shopoff Realty Investments is preparing to break ground on the newest addition to its $1.3 billion Uptown Newport master-planned development.
The newest component is a $90 million, 30-unit condominium project that will join the already-built One Uptown Newport apartment complex and other housing units in planning at the 25-acre site along Jamboree Road.
Parkhouse Residences is scheduled to break ground next month and open for sales in April with prices starting in the $1.9 million range.
“For nearly 30 years, our firm has created over 12,000 residences, however Parkhouse is uniquely personal to me and my wife, Cindy,” said Shopoff CEO and President Bill Shopoff. “We’ve designed it to align with a lifestyle that matches how we want to live.”

First Phase
The housing project, a short walk from where a $1 billion hospital and outpatient center will be built for University of California, Irvine near the Irvine and Newport Beach city line, will include five buildings designed by WHA Architects.
Units will be a combination of half-floor flats and two-story penthouses with interiors by Blackband Design.
Amenities include a lap pool and hot tub, fitness center, and private garages.
Residences at the project are expected to deliver next year.
Uptown Newport is entitled for 1,244 residential units in a mix of rentals and for-sale condos, along with 11,500 square feet of commercial space and two 1-acre parks.
The first phase of the project already includes the partially-leased 458-unit One Uptown Newport complex and a park.

Additional Condos
The other condominium project underway at Uptown Newport is a 66-unit condominium project led by USA Infrastructure Investments.
The Dallas-based firm acquired a 1-acre parcel at Uptown Newport last year for what property records indicate was $26.3 million; it later received an $80 million construction loan for the six-story project.
Units will range from a 1,100-square-foot one-bedroom unit to three-bedroom units totaling 3,285 square feet.
Pricing is expected to range from $1.1 million to $4.3 million.
Construction for the USAI condominiums is expected to wrap in late 2022.

Mariner Shores 
Uptown Newport is one of several new residential developments being built in the city.
Elsewhere in the city, Vancouver-based Intracorp Homes is preparing to open a 36-unit townhome project at the Mariner Shores development in the Westcliff area of Newport Beach.
The development site, expected to hold 92 homes in a mix of townhomes and paired homes, sold in 2019 to Intracorp and Walnut’s Shea Homes for a reported $58 million.
Intracorp, which operates locally out of Newport Beach, partnered with Newport Beach-based IHP Capital Partners for its portion of the project that’s slated to open this spring.
The Isle will include units ranging from 1,683 to 1,858 square feet with prices starting from the mid-$1 millions.  
Shea is planning to build 56 larger paired homes, called The Cay, at Mariner Shores. 

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