Shopoff sells Newport Beach condo site to Shea Homes
Shopoff Realty Investments sold its 1.06-acre Park Palm site in Newport Beach to Shea Homes for a planned 23-townhome condominium project. The deal advances the final phase of Uptown Newport Village, with construction expected to start in 2027.
Why it matters: - The sale moves forward one of the last pieces of Shopoff Realty Investments’ Uptown Newport Village master plan in Newport Beach. - The project adds more housing to an area that was once dominated by office and industrial uses. - Shea Homes now takes over a site entitled for 23 townhomes in a high-demand Orange County market.
What happened: - Shopoff Realty Investments sold the 1.06-acre Park Palm condominium development site in Newport Beach, California, to Shea Homes. - The site sits within Shopoff’s Uptown Newport Village master-planned community. - Park Palm is entitled for 23 townhomes. - Shopoff announced the sale on Aug. 4, 2026.
The details: - Shopoff acquired the 25-acre Uptown Newport Village site in December 2010. - Shopoff pursued a mixed-use residential village instead of keeping the property in office and industrial use. - The entitlement process finished in 2013 with unanimous approval from the Planning Commission and City Council. - The master plan allows for 1,244 residential units, 11,500 square feet of commercial and retail space, and two one-acre parks. - Phase I includes One Uptown Newport, a 458-unit luxury apartment community completed in December 2019 through a joint venture with The Picerne Group. - Shopoff completed Uptown Newport Park, a 1-acre park, in 2019. - Shopoff also developed and manages Parkhouse Residences, a 30-unit luxury condominium community across five buildings. - Park Palm rounds out Phase I as the final planned residential piece. - Construction on Park Palm is expected to begin in 2027. - Completion is expected in 2028 or 2029. - Shopoff described Park Palm as a landmark community in remarks about the sale.
Between the lines: - The transaction shows Shopoff exiting the first phase of a long-term entitlement strategy that began more than 15 years ago. - The project reflects a broader shift in the airport submarket from business uses toward residential development. - The timing suggests the housing program is being advanced in stages rather than as one large buildout. - Shopoff’s comments point to a continuing partnership with the city as the development program moves into its next phase.
What's next: - Shea Homes is expected to define and build Park Palm after taking control of the site. - Construction is anticipated to start in 2027, subject to development timelines and external factors. - The project is expected to finish in 2028-2029. - Shopoff says it will continue focusing on entitlement, repositioning and development across its portfolio.
The bottom line: - Shopoff has turned a former office-industrial parcel into a nearly fully built residential village, and the Park Palm sale closes out a key chapter of that plan.
Disclaimer: This article was produced by AGP Wire with the assistance of artificial intelligence based on original source content and has been refined to improve clarity, structure, and readability. This content is provided on an “as is” basis. While care has been taken in its preparation, it may contain inaccuracies or omissions, and readers should consult the original source and independently verify key information where appropriate. This content is for informational purposes only and does not constitute legal, financial, investment, or other professional advice.
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