Shopoff Sells Site of Proposed Newport Beach Condo Development
Shopoff Realty Investments has sold a proposed 1.06-acre condominium development, Park Palm in Newport Beach, to Shea Homes for an undisclosed sum. The property is part of Shopoff’s master plan community, Uptown Newport Village, and is entitled for 23 townhomes.
Shopoff acquired the 25-acre Uptown Newport Village site in December 2010. The firm set out to repurpose the land for a mixed-use residential village, rather than maintain its prior office and industrial uses. In 2013, Shopoff completed the entitlement process, allowing for master development to include 1,244 residential units, 11,500 square feet of commercial/retail space and two one-acre parks.
Phase I of the project has seen multiple developments completed, beginning with One Uptown Newport in 2019. Park Palm, which has been entitled for 23 townhomes, will round out Phase I. Construction on Park Palm is anticipated to begin in 2027, with completion expected in 2028-2029.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout