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Irvine firm plans $500-million resort, commercial and residential development in Huntington Beach

Shopoff Realty Investments

Irvine-based Shopoff Realty Investments has acquired this nearly 30-acre parcel in Huntington Beach, near Magnolia Street and Banning Avenue, that the company intends to redevelop with a resort and residential and commercial offerings.

(Courtesy CBRE)

An Irvine-based real estate firm has acquired nearly 30 acres in Huntington Beach and intends to redevelop the property into a resort and commercial and residential offerings.

Shopoff Realty Investments acquired the 28.6-acre parcel near Magnolia Street and Banning Avenue for $26.5 million, the company said in a news release.

Bloomberg.com, which first reported the acquisition, said Shopoff is committing $500 million on new development for the site and has met with the Huntington Beach Wetlands Conservancy about the project.

Specifics of the plans were not disclosed.

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The parcel, about 400 yards from the Huntington State Beach entrance, had been an oil storage tank farm and pumping facility. The site contains three 500,000-barrel tanks, which will be removed. 

“The land parcel is in a phenomenal location with close proximity to the Pacific Ocean,” William Shopoff, chief executive of Shopoff Realty Investments, said in a statement. “Redevelopment of a site like this is a challenge on many fronts but creates incredible opportunities, making it an ideal project for our unique team of value-add experts.”

John Santry, Shopoff’s executive vice president, added, “We believe that the replacement of this large industrial facility with a beautifully designed mixed-use development will better serve the community by providing improved aesthetics and services.”

Other Shopoff projects have included Uptown Newport Village, a mixed-use development near John Wayne Airport in Newport Beach, and the Bayside Square office development in Corona del Mar.

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