Cityview is looking to turn an office complex in Irvine into housing.
The Los Angeles-based firm has filed plans for a 422-unit residential building at the two-building Newport Summit office park at 19600 and 19700 Fairchild Road, the Orange County Business Journal reported. Newport Summit as it stands totals about 111,500 square feet.
Cityview acquired the property in March of this year from an affiliate of TPG Angelo Gordon for $34.5 million, or about $309 per square foot. New York-based TPG Angelo Gordon held a stake in the property since 2018. The office complex has traded hands at least seven times since 2007, with past owners including EQ Office, Lincoln Property, Bixby Land Company and Maguire Properties, per CoStar data cited by the Business Journal. For the latest deal, Cityview got a $20.5 million loan from Banc of California.
In addition to the residences, Cityview is also looking to incorporate some retail along with the multifamily residential units. A timeline for the project has not been disclosed.
It’s the latest residential project planned near the University of California, Irvine Health’s new hospital on Jamboree Road. Uptown Newport, a mix of for-sale and rental units proposed by Shopoff Realty Investments, is across Jamboree Road; that project is being built in phases and first opened for rentals about six years ago. The UCI Health–Irvine complex’s main hospital is slated to open for patients in December.
Other housing projects are being considered for other nearby office sites in Irvine and Newport Beach. J+R Group, for example, has filed plans to turn part of an eight-story, 178,000-square-foot office building at 1901 Main Street into 76 homes.
Irvine Company, headquartered in Newport Beach, is looking to build up to 2,500 new housing units near UCI in the nearby University Research Park. On the other side of town, the Donald Bren-led firm is planning to build 1,500 single-family homes and 1,600 apartments on the site of the Oak Creek Golf Club; that plan calls for converting a nearby office complex into a school.
The City of Irvine must plan for 23,610 new homes by 2029 as part of its Regional Housing Needs Assessment.
Read more
Donald Bren’s Irvine Company plans housing development near University of California, Irvine
Irvine Company aims to transform golf course into village of 3K homes
Irvine Company wants to build 700 apartments in Newport Beach
