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

The 1.06-acre Park Palm parcel is entitled for 23 townhomes, with construction expected to start in 2027 and complete in 2028 to 2029.

Reported · Written up by our desk · Residential

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

Park Palm comprises a 1.06-acre property within Shopoff’s master-planned community, Uptown Newport Village, and is entitled for 23 townhomes that are set to round out Phase I.

Shopoff acquired the 25-acre Uptown Newport Village site in December 2010 and repurposed it from prior office and industrial uses, completing the entitlement process in 2013 for a broader master development including 1,244 residential units, 11,500 square feet of commercial or retail space, and two one-acre parks.

ConnectCRE said Phase I has already seen developments start with One Uptown Newport in 2019, and construction on Park Palm is anticipated to begin in 2027, with completion expected in 2028 to 2029.

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