REAL ESTATE : Private Yacht Club, Offices to Occupy Tokai Bank Building Site This Fall

A marina and the five-story Tokai Bank Building on West Coast Highway near Newport Boulevard in Newport Beach will be renovated and the building converted to offices, while the marina will become a private yacht club.

The project is a joint venture between Haseko (California) Inc.--the Los Angeles-based arm of a Japanese real estate company--and Language Services West Inc., a Tokyo language instructor.

The project, which will now cost far more than the $2.3 million originally estimated, is scheduled for completion in the fall.

The marina will be operated by the Harbor Club, a private club that will offer overnight and permanent boat slips, boat charters, a restaurant and bar, meeting rooms and a swimming pool and spa.

The president of the club is Richard Stevens, who was president of the Balboa Bay Club and co-owner with Jack Wrather from 1963 to 1972.

The five-story office building, Harbor Club Tower, will also include shops.