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Shopoff sells entitled Park Palm condo site to Shea Homes in Newport Beach

Park Palm is slated for 23 townhomes, with construction expected to start in 2027 and finish in 2028 to 2029.

Reported · Written up by our desk · Industry

Shopoff Realty Investments has sold a proposed 1.06-acre condominium development, Park Palm, in Newport Beach to Shea Homes for an undisclosed sum, according to ConnectCRE.

The site is part of Shopoff’s master plan community, Uptown Newport Village, and is entitled for 23 townhomes. Shopoff acquired the 25-acre Uptown Newport Village site in December 2010, and the company repurposed the land for a mixed-use residential village rather than keeping prior office and industrial uses.

Shopoff completed the entitlement process in 2013, enabling master development that includes 1,244 residential units, 11,500 square feet of commercial or retail space, and two one-acre parks. Phase I has seen multiple developments completed, starting with One Uptown Newport in 2019.

Park Palm is expected to round out Phase I, with construction anticipated to begin in 2027 and completion targeted for 2028 to 2029.

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