Shopoff Realty Investments sells 0.95-acre lot in Newport Beach for $26.26 million
Shopoff Realty Investments announced in November that it sold a 0.95-acre lot within its uptown Newport Beach property for $26.26 million.
The property, purchased by USA Infrastructure Investments, a real estate investment firm based in Dallas, Texas, will be used to develop a 66-unit luxury condominium project. It will be designed by Lucien Lagrange Studio and developed by USA Infrastructure Investments.
It is expected to have six stories and amenities such as a fitness center, pool, underground parking and a state-of-the-art air management system. Condominium units are expected to average 2,200 square feet. Shopoff first purchased the 25-acre lot in 2010.
Newport Harbor High School Spanish teacher Renzzo Reyes spent an average of about six hours on the road, driving the 107 miles it takes for him to get to work from his home in Tijuana daily.
“With approved entitlements in place, this site will provide USAI an ideal starting point for a residential development,” Shopoff Realty Investments President and CEO William Shopoff said in a statement.
“In fact, 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.”
Officials at Shopoff said the company secured entitlements in 2013 for 1,244 residential units, 11,500 square feet of commercial and retail space and two one-acre parks. The first phase of the master planned development is expected to include a community park and 458-unit One Uptown Newport luxury apartments.
It is expected to include an additional 30 condominiums in addition to restaurant and retail space.
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