Irvine-based Shopoff Realty Investments said it has sold a 1-acre parcel within its Uptown Newport mixed-use project for a sky-high $26.3 million.
The buyer, Dallas-based USA Infrastructure Investments (USAI), plans to build a 66-unit luxury condominium project on the Newport Beach property, located within the 25-acre master-planned community along Jamboree Road that’s currently in development.
“With approved entitlements in place, this site will provide USAI an ideal starting point for a residential development,” Shopoff President and CEO William Shopoff said in a statement.
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 one-acre parks. The project is being built out in two phases.
Phase one is already well underway, with one park already built as well as the 458-unit One Uptown Newport luxury apartments which has been showing strong initial demand, according to Shopoff.
“The Uptown Newport master development has already seen great success in its for-rent residential development, One Uptown, and with proper execution, we anticipate subsequent housing developments will realize the same positive result,” he said.
Shopoff bought the site near the Newport Beach and Irvine city lines in 2010 for a reported $23.5 million, and secured entitlements in 2013.
USAI’s new six-story project will include 66 luxury condominium units that will average 2,200 square feet. The site will include a fitness center, resort-style pool, underground parking and a modern air management system, they said.
It will be designed by Lucien Lagrange Studio, which is known for its work at the Chicago Park Hyatt and the Chicago Waldorf Astoria.
“This new condominium project should provide a fantastic housing option for this transforming area of Newport Beach, which is in need of additional quality housing options for area workers,” said Brian Rupp, Shopoff’s executive vice president of development.
Shopoff has been busy as of late with expansion plans in the hospitality sector, in and outside of Orange County.
In March, the company announced plans for a high-rise hotel on the Las Vegas Strip totaling 450 rooms.
Shopoff is working with Costa Mesa-based Contour Real Estate, a boutique development firm, for the roughly 500,000-square-foot hotel project.
Projected total investment for the development, called Dream Hotel Las Vegas, is $250 million to $300 million, Shopoff previously told the Business Journal.
The company is also planning a 215-key property in Huntington Beach as part of Magnolia Tank Farm, a 29-acre former industrial site it bought in 2016, just off Pacific Coast Highway.
It is still in the entitlement process for the mixed-use project, which is expected to ultimately include up to 250 single-family homes and a 4-acre commercial site that will hold the hotel and 19,000 square feet of retail space.