Shopoff Realty Investments Receives Unanimous City Council Approval for 29-Acre Magnolia Tank Farm Project in Huntington Beach
HUNTINGTON BEACH, Calif., Sept. 18, 2024 /PRNewswire/ -- Shopoff Realty Investments ("Shopoff"), a national manager of opportunistic and value-add real estate investments, has secured City Council approval for its mixed-use master plan project, Magnolia Tank Farm, located on 29 acres near Magnolia Avenue and Pacific Coast Highway in Huntington Beach, California. The council voted 7-0 in favor of the project. It was our ability to build a coalition of diverse groups that led to our ability to garner unanimous support.
Shopoff secured California Coastal Commission approval in July 2024. With City Council approval now in place, plans for this vibrant future community in Huntington Beach can now move into the next stage of development. The project anticipates approximately 200+ for-sale single-family detached and attached homes, a 50-unit affordable multifamily community, and a 215-key boutique hotel with 19,000 square feet of retail.
"We are grateful to the city of Huntington Beach for their support of this project, which we believe will be a fantastic addition to the city, brightening this historically blighted stretch of the coast," explained Shopoff President and CEO William Shopoff. "This approval marks a major milestone for the project, and we'd like to thank all our many supporters who saw the immense value in this new community, including affordable housing advocates, labor unions, construction and hotel workers, Huntington Beach residents and businesses, as well as the California Coastal Commission. Being able to build such as diverse coalition of groups to support this project ultimately led to our ability to garner unanimous support."
This new community in southeastern Huntington Beach will provide quality housing for Huntington Beach residents, with a much-needed affordable housing component. This includes a first-of-its-kind program which will dedicate 50% of the affordable housing to hotel workers on-site and within the coastal region of Huntington Beach. Shopoff believes this innovative program is vitally important to the success of this project, as it will allow workers to live in the city where they are employed, avoiding lengthy daily commutes.
Shopoff intends to break ground on the project in summer/fall 2025.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 32-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties, the entitlement of land assets, and development projects. The 32-year history includes operating as Asset Recovery Fund, Eastbridge Partners, and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
Disclosures
This is not an offering to buy or sell any securities. Such an offer may only be made through the offering memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities are offered through Shopoff Securities, Inc. member FINRA/SIPC, 18565 Jamboree Road, Suite 200, Irvine, CA 92612.
Contact:
Jill Swartz
Spotlight Marketing Communications
949.427.1389
[email protected]
SOURCE Shopoff Realty Investments
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