Shopoff to Break Ground on $90M Luxury Condos
- Feb 05, 2021
Shopoff Realty Investments will add new luxury housing stock to Newport Beach, Calif., with its latest project. The company is planning to break ground on Parkhouse Residences, its $90 million luxury condo project, in March.
Shopoff tapped Robinson Reese LP as the general contractor for the project, which is expected to complete in late 2022. The firm also hired WHA Architects to design the property and Blackband Design to create the interiors. Shopoff is also planning to launch sales in spring 2021, tapping Polaris Pacific for the sales and marketing of Parkhouse Residences.
The luxury community will feature 30 units in three-bedroom floorplans that range in size from 2,000 to 3,000 square feet. The units will be either half-floor flats or two-story penthouses spread throughout five buildings. The units will be built with oversized windows and terraces with some units offering a waterfall island and wine fridge while the community’s amenities will include a lap pool, fitness center, direct elevator entry and private garages.
Located at 4239 Uptown Newport Drive, the community will be next to the one-acre Uptown Park village green and a short drive from the city’s nearby beaches. Bill Shopoff, president & CEO of Shopoff, told Multi-Housing News that the community has already attracted interest from 200 people, despite not having formally started the marketing process.
”We believe there is demand for quality new housing at this price point, with no new product of this caliber coming to market in this area of Newport Beach for some time,” Shopoff told MHN. “We were also incredibly thoughtful when it came to the design and believe having these condos as mostly flats will speak to potential buyers.”
PARKS, RETAIL AND PARKHOUSE RESIDENCES
Parkhouse Residences will also be a part of Shopoff’s nearly $1.3 billion master-planned development Uptown Newport. The development of the major 25-acre project was split into two phases, with the first phase breaking ground in 2014.
The first phase includes Parkhouse Residences, retail space, another residential development and the 458-unit One Uptown Newport community that is almost fully leased. When fully completed, Uptown Newport will offer 1,244 residential units, up to 11,500 square feet of retail and restaurant space and two 1-acre public parks.