Capital Pacific Buys Monarch Beach Parcel

Continuing to buy large chunks of coastal property, Capital Pacific Holdings Inc. said Friday it acquired 16 acres in Monarch Beach for $25 million. The newest site, adjacent to the Links at Monarch Beach golf course in Dana Point, will be developed into luxury homes at Ritz Pointe, the Newport Beach developer said. Capital Pacific has been developing several high-end residential projects along the coast, including 132 acres on the Palos Verdes Peninsula and 25 acres of coastal property elsewhere in Dana Point. In April, the company acquired a 31-acre oceanfront parcel--a former Chevron oil field in Huntington Beach--from Shea-Vickers Development for $21 million.