Mar 12 2014
The sale of a 5-acre parcel earmarked for luxury apartments near John Wayne Airport in Orange County has an innovative new residential and retail project in Newport Beach poised to begin construction this month, The Shopoff Group announced.
Uptown Newport Village will replace a pair of aging industrial buildings on 25 acres with a unique community of neighborhood shops, restaurants, parks and upscale homes and apartments that promise to generate substantial revenue for the city.
“This is a cornerstone property and a gateway to Newport Beach and we’re thrilled to launch the first phase of development, which will revitalize and transform the neighborhood near Koll Center Newport, UC Irvine and John Wayne Airport,” said William Shopoff, president and CEO of The Shopoff Group.
When fully completed, Uptown Newport Village will feature 1,244 luxury homes, numerous retail shops, two 1-acre public parks, plazas, fountains and public paseos.
As part of the initial phase, Irvine-based The Shopoff Group formed a partnership with The Picerne Group and purchased a 5-acre parcel within the project, on which they will develop 483 luxury apartments. The joint venture will own and manage the apartments, which are set to begin construction later this year with The Picerne Group handling development.
“We are delighted to be partnering with The Picerne Group, which has an outstanding record of success in the development and long-term management of high-end apartment communities,” Shopoff said. “We look forward to working alongside The Picerne Group for many years to come to provide a truly unique residential experience at Uptown Newport Village.”
A smaller parcel – 2.5 acres – is being marketed by Province West to homebuilders for construction of luxury townhomes and condominiums.
The Shopoff Group jointly acquired the Uptown Newport site with its capital partner, DRA Advisors, in 2010. The Shopoff Group successfully secured Newport Beach City Council approval of the project in 2013 and purchased DRA Advisors’ stake in the project last month.
“This project has generated very positive returns for our investors,” Shopoff said. “We are pleased with the considerable response we have received from the development community and potential investors who have recognized the ongoing opportunity this project presents.”
The Shopoff Group, which shepherded the vibrant urban village concept through Newport Beach city planners, won praise for its responsiveness and cooperation with local officials and the community in designing an attractive, mixed-use project with ample recreational amenities including landscaped paseos, pavilions, fountains and parks.
The Shopoff Group will serve as master developer for the site, building the overall infrastructure and the first parks. The company will also install a state-of-the-art stormwater runoff treatment system designed to protect and improve water quality in Newport Beach’s Back Bay.
“Uptown Newport Village will bring new vitality and economic activity to our community,” Newport Beach City Councilman Ed Selich said. “This is the right project at the right location, and it fulfills the vision outlined in our general plan for developing sustainable new residential neighborhoods in close proximity to jobs, retailers and services.”
Located along Jamboree Road between Birch Street and MacArthur Boulevard, Uptown Newport Village will be built in two phases. Phase 1, set to begin this month and targeted for completion in 2016, entails demolishing an existing office building, constructing an 11,500-square-foot retail center, building approximately 580 luxury apartments and condominiums, and creating a park outfitted with such amenities as a concert green, courtyard with lounge-style seating and children’s tot lot.
Uptown Newport’s economic benefits include bringing 2,800 construction jobs to Newport Beach and more than $30 million in Phase 1 developer fees to the city.
Source: http://www.shopoff.com/