Limited Space Still Available in Starboard MacArthur Square
MSN- Was purchased as a potential mixed-use redevelopment site. The site is comprised of three contiguous parcels totaling ±5.691-acres in the John Wayne Airport Area (JWAA) of Newport Beach, California. The site was developed in 1974 as a ±58,277 SF shopping center.
The property is situated within an existing Residential Overlay that permits the development of multi-family residential at a base rate of up to 50 domestic units to the acre (284 units). This base density does not include a 35% density bonus (up to an additional 100 units) that may be secured in exchange for converting 30% of the base units (or 86 units) to affordable housing. Although the maximum density with the affordable housing density bonus is 384 units, based on the City’s desire to see adequate supporting retail and a General Plan requirement to dedicate 0.5 acre as a public park, our target project is approximately 350 domestic units (DU).
Our initial business plan involves securing the “by right” entitlements for the proposed mixed-use redevelopment. Upon securing entitlements that would permit the proposed multi-family development, we will would sell the property to a multi-family developer. Based on then-prevailing conditions, investors might have the opportunity to reinvest profits in the construction of the proposed development (again, to be determined and subject to the General Partner’s sole discretion).
Should you have any questions about the property, the zoning and/or our business plan, please do not hesitate to contact us at (949) 851-2020